KUALA LUMPUR: Stocks were at a firmer foot at the midday break on Wednesday, March 9 underpinned by heavyweight Petronas Chemicals and banks as sentiment perked up in line with some regional markets while the decline in oil price provided some relief.
Sentiment was bolstered by Prime Minister Datuk Seri Najib Razak's unveiling of nine more entry point projects (EPPs) worth over RM2 billion, bringing the total to date to 60 projects under 46 EPPs. These projects will involve RM95 billion in investments and increase the gross national income by RM137 billion
OSK Research said: 'We believe Pemandu is doing a good job in keeping the ETP (Economic Transformation Programme) at the forefront of investors' minds, which will help keep market sentiment from turning unduly negative despite global uncertainties.
'Moving forward, we welcome updates on how previously announced EPPs are progressing. We maintain our Overweight call on the Malaysian market, with our 1,680 KLCI year-end target intact,' it said.
Oil prices fell for a second day on Wednesday as OPEC considered raising production, pushing up Asian stocks although investors remained on edge because of the turmoil in the Middle East. It was down 60 cents to US$104.42.At 12.30pm, the FBM KLCI rose 6.5 points to 1,524.16. Turnover was 824.21 million shares valued at RM1.056 billion. Gainers beat losers 482 to 191 while 230 stocks were unchanged.
The ringgit strengthened 0.02% to 3.0330 vs the US dollar while crude palm oil futures for the third-month delivery fell RM15 to RM3,539 and gold lost US$2.70 to US$1,426.25 per ounce.
Nikkei 225 +0.47% 10,574.59 Hang Seng Index +0.61% 23,855.85 Shanghai Composite -0.14% 2,995.73 Taiwan Taiex -0.15% 8,734.55 Singapore STI -0.25% 3,096.09 ''
Petronas Chemicals rose 32 sen to Rm6.77, nudging the KLCI up 2.42 points. CIMB added 13 sen to Rm8.14, AMMB 11 sen to RM6.41 while Maybank rose one sen to RM8.81. MMHE added 21 sen to RM6.65.
Lafarge Cement rose 22 sen to RM7.50, Dialog and Mudajaya 17 sen each to RM2.34 and RM4.87. DiGi added 12 sen to RM27.80, Genting two sen to RM10.40.
HWGB was the most active, up 1.5 sen to 59.5 sen with 36.27 million shares done. Its warrants, HWGB-WB added one sen to 56.5 sen.
KLK was the top loser, down 20 sen to RM20.80, United PLANTATION []s 10 sen to RM17.52 while Kulim-WC shed 7.5 sen to 99.5 sen and the shares three sen to RM3.37.
Sentiment was bolstered by Prime Minister Datuk Seri Najib Razak's unveiling of nine more entry point projects (EPPs) worth over RM2 billion, bringing the total to date to 60 projects under 46 EPPs. These projects will involve RM95 billion in investments and increase the gross national income by RM137 billion
OSK Research said: 'We believe Pemandu is doing a good job in keeping the ETP (Economic Transformation Programme) at the forefront of investors' minds, which will help keep market sentiment from turning unduly negative despite global uncertainties.
'Moving forward, we welcome updates on how previously announced EPPs are progressing. We maintain our Overweight call on the Malaysian market, with our 1,680 KLCI year-end target intact,' it said.
Oil prices fell for a second day on Wednesday as OPEC considered raising production, pushing up Asian stocks although investors remained on edge because of the turmoil in the Middle East. It was down 60 cents to US$104.42.At 12.30pm, the FBM KLCI rose 6.5 points to 1,524.16. Turnover was 824.21 million shares valued at RM1.056 billion. Gainers beat losers 482 to 191 while 230 stocks were unchanged.
The ringgit strengthened 0.02% to 3.0330 vs the US dollar while crude palm oil futures for the third-month delivery fell RM15 to RM3,539 and gold lost US$2.70 to US$1,426.25 per ounce.
Nikkei 225 +0.47% 10,574.59 Hang Seng Index +0.61% 23,855.85 Shanghai Composite -0.14% 2,995.73 Taiwan Taiex -0.15% 8,734.55 Singapore STI -0.25% 3,096.09 ''
Petronas Chemicals rose 32 sen to Rm6.77, nudging the KLCI up 2.42 points. CIMB added 13 sen to Rm8.14, AMMB 11 sen to RM6.41 while Maybank rose one sen to RM8.81. MMHE added 21 sen to RM6.65.
Lafarge Cement rose 22 sen to RM7.50, Dialog and Mudajaya 17 sen each to RM2.34 and RM4.87. DiGi added 12 sen to RM27.80, Genting two sen to RM10.40.
HWGB was the most active, up 1.5 sen to 59.5 sen with 36.27 million shares done. Its warrants, HWGB-WB added one sen to 56.5 sen.
KLK was the top loser, down 20 sen to RM20.80, United PLANTATION []s 10 sen to RM17.52 while Kulim-WC shed 7.5 sen to 99.5 sen and the shares three sen to RM3.37.
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