KUALA LUMPUR: Market sentiment perked up in the morning session on Wednesday, April 27, underpinned by some buying of selected bank stocks and Genting while the broader market was marginally higher.
The FBM KLCI managed to cross the important 1,530 level and at midday, it was up 5.24 points to 1,532.58. Turnover was 575 million shares valued at RM569.38 million. There were 330 gainers, 292 losers and 313 stocks unchanged.
Japan's markets ignored the downgrade on the outlook of its long-term ratings by Standard & Poor's Ratings Services. S&P had revised the outlook to negative from stable.
However, it affirmed its long- and short-term sovereign credit ratings on Japan at 'AA-' and 'A-1+', respectively. The transfer and convertibility (T&C) assessment remained at 'AAA'.
Japan's Nikkei 225 +1.55% 9,668.95 Hang Seng Index +0.41% 24,105.07 Shanghai Composite +0.23% 2,945.78 Taiwan's Taiex +1.09% 9,045.64 Singapore's Straits Times Index +0.51% 3,187.93 ''
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Light crude oil slipped six cents to US$112.15 while crude palm oil futures fell RM31 to RM3,299.
At Bursa Malaysia, Hong Leong Bank rose 26 sen to RM10.56, HLFG 18 sen to RM9.47, Public Bank foreign 14 sen to RM13.14 and EON Cap 12 sen to RM7.23.
BAT was the top gainer, adding 40 sen to RM48 while F&N rose 32 sen to RM17.34 and Nestle 10 sen to RM48.10
Genting added 20 sen to RM11.70. UOB Kay Hian Research had predicted a robust 1Q11 performance for GENTING BHD [] and Genting Singapore but a weaker performance at Genting Malaysia.
'Our scenario analysis shows that Genting Bhd and Genting Singapore could temporarily rise above RM13.00 and S$2.30 respectively, depending on 1Q11's win percentage at Resorts World Sentosa (RWS).
'Genting Bhd is still the best proxy to the group's growing footprint in the global casino market, and provides a much cheaper exposure to the booming business at RWS.
'Efforts to sell the remaining oil & gas (O&G) exploration/production blocks could create a mild upside catalyst. We raise our target price to RM13.63 (RM12.77 previously) to mainly reflect a recent target price upgrade for Genting Singapore, valuing Genting Bhd at 8.5x 2011F EV/EBITDA,' it said.
Meanwhile, DBE Gurney was the most active stock with 55.36 million shares done, easing one sen to 10 sen.
Tricubes rose 4.5 sen to 30 sen after the company provided details of its funding for the RM50 million to be invested in the Malaysia email project.
Cepco was the top loser, down 47 sen to RM2.21, TN Logistics 14 sen to 90 se and HPI extended its decline, down 11 sen to RM3.25.
Coastal fell 10 sen to RM3.66. CIMB Research had'' a Sell on the counter at RM3.76, based on its technical charts.
'Traders should do well selling into strength, preferably near the RM3.82- RM3.90 resistances. Otherwise, wait for prices to fall below RM3.55 to confirm the sell signal,' it said.
MPI fell eight sen to RM5.32 after the below consensus earnings results.
The FBM KLCI managed to cross the important 1,530 level and at midday, it was up 5.24 points to 1,532.58. Turnover was 575 million shares valued at RM569.38 million. There were 330 gainers, 292 losers and 313 stocks unchanged.
Japan's markets ignored the downgrade on the outlook of its long-term ratings by Standard & Poor's Ratings Services. S&P had revised the outlook to negative from stable.
However, it affirmed its long- and short-term sovereign credit ratings on Japan at 'AA-' and 'A-1+', respectively. The transfer and convertibility (T&C) assessment remained at 'AAA'.
Japan's Nikkei 225 +1.55% 9,668.95 Hang Seng Index +0.41% 24,105.07 Shanghai Composite +0.23% 2,945.78 Taiwan's Taiex +1.09% 9,045.64 Singapore's Straits Times Index +0.51% 3,187.93 ''
''
Light crude oil slipped six cents to US$112.15 while crude palm oil futures fell RM31 to RM3,299.
At Bursa Malaysia, Hong Leong Bank rose 26 sen to RM10.56, HLFG 18 sen to RM9.47, Public Bank foreign 14 sen to RM13.14 and EON Cap 12 sen to RM7.23.
BAT was the top gainer, adding 40 sen to RM48 while F&N rose 32 sen to RM17.34 and Nestle 10 sen to RM48.10
Genting added 20 sen to RM11.70. UOB Kay Hian Research had predicted a robust 1Q11 performance for GENTING BHD [] and Genting Singapore but a weaker performance at Genting Malaysia.
'Our scenario analysis shows that Genting Bhd and Genting Singapore could temporarily rise above RM13.00 and S$2.30 respectively, depending on 1Q11's win percentage at Resorts World Sentosa (RWS).
'Genting Bhd is still the best proxy to the group's growing footprint in the global casino market, and provides a much cheaper exposure to the booming business at RWS.
'Efforts to sell the remaining oil & gas (O&G) exploration/production blocks could create a mild upside catalyst. We raise our target price to RM13.63 (RM12.77 previously) to mainly reflect a recent target price upgrade for Genting Singapore, valuing Genting Bhd at 8.5x 2011F EV/EBITDA,' it said.
Meanwhile, DBE Gurney was the most active stock with 55.36 million shares done, easing one sen to 10 sen.
Tricubes rose 4.5 sen to 30 sen after the company provided details of its funding for the RM50 million to be invested in the Malaysia email project.
Cepco was the top loser, down 47 sen to RM2.21, TN Logistics 14 sen to 90 se and HPI extended its decline, down 11 sen to RM3.25.
Coastal fell 10 sen to RM3.66. CIMB Research had'' a Sell on the counter at RM3.76, based on its technical charts.
'Traders should do well selling into strength, preferably near the RM3.82- RM3.90 resistances. Otherwise, wait for prices to fall below RM3.55 to confirm the sell signal,' it said.
MPI fell eight sen to RM5.32 after the below consensus earnings results.
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