KUALA LUMPUR: GENTING BHD [] provided the spark for the lacklustre market on Friday, Aug 13, rallying blue chips higher to snap its three straight day of losses.
The fresh optimism saw the FBM KLCI closing 10.82 points or 0.8% higher to 1,360.15. Turnover surged to nearly one billion units at 996 million shares while value was RM1.36 billion. Advancing counters beat decliners 502 to 228.
Most key Asian markets were also higher after they were recently oversold on worries about global economic growth. However, some analysts raised concerns whether the lull may not last, especially given Friday's ream of U.S. data releases. U.S. retail sales, consumer confidence and consumer prices are due later and markets fear disappointment, according to Reuters.
Nikkei 225 +0.44% 9,253.46 Shanghai Composite Index +1.21% 2,606.70 Kospi +1.42% 1,746.24 Singapore's Straits Times Index +0.44% 2,939.97 Hang Seng Index -0.16% 21,071.57 ''
At Bursa Malaysia, Genting Bhd advanced 48 sen to RM8.18 after AmResearch raised its FY10F net profit forecast to RM2.8 billion from RM1.3 billion due to higher contributions from Genting Singapore.
'New fair value for Genting Bhd is RM10.67/share versus RM7.66/share previously,' it said.
GentingS-C6 added 27 sen to 50.5 sen and Genting PLANTATION []s 21 sen to RM7.34'' and GenS-C2 6.5 sen higher at 14 sen.
F&N managed to rebound 40 sen to RM13.98 after coming under some selling pressure over the week. Glove maker Hartalega added 15 sen to RM7.90.
Mieco rose seven sen to 86 sen but it was off its intra-day high which saw the share price rallying to a three-year high of 96 sen.
The stock attracted heavy trading on news that BANDAR RAYA DEVELOPMENTS BHD [] (BRDB) confirmed it was in talks with a Chinese party for a potential collaboration with Mieco. BDRB owns 56.76% of Mieco.
KL Kepong fell the most, down 30 sen to RM16.80 but with just 542,900 shares done only. Nestle lost 20 sen to RM39 while Hong Leong Bank shed 10 sen to RM8.70.
The fresh optimism saw the FBM KLCI closing 10.82 points or 0.8% higher to 1,360.15. Turnover surged to nearly one billion units at 996 million shares while value was RM1.36 billion. Advancing counters beat decliners 502 to 228.
Most key Asian markets were also higher after they were recently oversold on worries about global economic growth. However, some analysts raised concerns whether the lull may not last, especially given Friday's ream of U.S. data releases. U.S. retail sales, consumer confidence and consumer prices are due later and markets fear disappointment, according to Reuters.
Nikkei 225 +0.44% 9,253.46 Shanghai Composite Index +1.21% 2,606.70 Kospi +1.42% 1,746.24 Singapore's Straits Times Index +0.44% 2,939.97 Hang Seng Index -0.16% 21,071.57 ''
At Bursa Malaysia, Genting Bhd advanced 48 sen to RM8.18 after AmResearch raised its FY10F net profit forecast to RM2.8 billion from RM1.3 billion due to higher contributions from Genting Singapore.
'New fair value for Genting Bhd is RM10.67/share versus RM7.66/share previously,' it said.
GentingS-C6 added 27 sen to 50.5 sen and Genting PLANTATION []s 21 sen to RM7.34'' and GenS-C2 6.5 sen higher at 14 sen.
F&N managed to rebound 40 sen to RM13.98 after coming under some selling pressure over the week. Glove maker Hartalega added 15 sen to RM7.90.
Mieco rose seven sen to 86 sen but it was off its intra-day high which saw the share price rallying to a three-year high of 96 sen.
The stock attracted heavy trading on news that BANDAR RAYA DEVELOPMENTS BHD [] (BRDB) confirmed it was in talks with a Chinese party for a potential collaboration with Mieco. BDRB owns 56.76% of Mieco.
KL Kepong fell the most, down 30 sen to RM16.80 but with just 542,900 shares done only. Nestle lost 20 sen to RM39 while Hong Leong Bank shed 10 sen to RM8.70.
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