Wednesday, October 6, 2010

Genting, Tenaga power KLCI higher

KUALA LUMPUR: GENTING BHD [] and Tenaga Nasional powered the FBM KLCI higher on Wednesday, Oct 6, further shoring up investors' appetite for equities, in line with key regional markets such as Hong Kong where the benchmark index rose to a 2010 high.

At the close, the 30-stock FBM KLCI rose 7.42 points to 1,479.61. Turnover was 954.74 million shares valued at RM1.65 billion. There were 443 gainers, 330 losers and 283 stocks unchanged.

The optimism was also seen in key regional markets as investors pinned their hoped that the US Federal Reserve would take steps to stimulate the economy.

The Hang Seng Index closed up 1.07% at 22,880.41, moving further into technically overbought territory according to its relative strength index, currently at 78 and well above the threshold 70 level, according to Reuters.

At Bursa Malaysia, Genting Bhd advanced 16 sen to RM10.20, pushing up the index by 1.43 points. Tenaga added 10 sen to RM8.94 while Axiata gained five sen to RM4.48, adding a cumulative 2.07 points to the index. Maybank rose four sen to RM8.98.

Nestle was the top gainer, rising 90 sen to RM43.90, KL Kepong 30 sen to RM17.40 and Dutch Lady 24 sen to RM16.74.

Glove makers also extended their gains, with Supermax up 18 sen to RM4.26 while Top Glove added three sen to RM5.69, but off its intra-day high of RM5.84.

Top Glove released its fourth quarter earnings for the period ended Aug 31, with net profit of RM45.06 million, down 20.6% from RM56.81 million a year ago.

Property-based Asas Dunia fell the most, down 22 sen to 77 sen. HELP shed 13 sen to RM2.67 while EON Cap eased 11 sen to RM7.02. Hua Yang lost 10 sen to RM1.05.

MRCB fell seven sen to RM2.03 on market talk that a local tycoon was keen to develop the Rubber Research Institute Malaysia land in Sungai Buloh.

RHB Research Institute had earlier this week raised its indicative fair value for MRCB by 28% from RM1.94 to RM2.49 largely to reflect higher margins from its KL Sentral property project.


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