Tuesday, September 14, 2010

Blue chips advance, Tanjong, Bursa, Tenaga lead

KUALA LUMPUR: Blue chips advanced in early trade on Tuesday, Sept 14 as investors' sentiment remained firm against the backdrop of firmer Wall Street, upbeat Chinese factory data and new global banking rules.

At 9.22am, the FBM KLCI was up 5.9 points to 1,462.86. Turnover was 105.47 million shares valued at RM145.25 million. There were 236 gainers, 69 losers and 150 stocks unchanged.

Hwang DBS Vickers Research said with the momentum still on the upside, the benchmark FBM KLCI could well extend its gains made on Monday. 'It would probably be on its way to challenge the resistance target of 1,465 next,' it said.

Tanjong was the top gainer, rising 14 sen to RM21.70 with 231,800 shares done despite that it is being taken private. A local news report said Usaha Tegas Sdn Bhd is finalising plans to sells Tanjong's gaming business after its privatisation.

A consortium led by tycoon T. Ananda Krishnan and several parties, who owned 47% of Tanjong, had in late July offered to take the power-gaming company private at RM21.80 a share.

Bursa rose 12 sen to RM7.72 as rising trading activity would benefit the stock exchange operator.

Nestle was the top gainer, adding 50 sen to RM42.50 but with only 100 shares done. KL Kepong rose 10 sen to RM17.40 and Tenaga Nasional added'' nine sen to RM9.29.

OSK Research is maintaining its Buy on Tenaga with a Target Price of RM9.90 as it raises its profit forecast and expects the strengthening ringgit to help contain coal costs.

Hard disk drive manufacturers JCY rose 10 sen to RM1.20 on rising volume with 6.2 million shares done while Notion VTec added nine sen to RM1.80.

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