Thursday, September 8, 2011

Banks, blue chips prop KLCI higher

KUALA LUMPUR: The FBM KLCI extended its gains, albeit marginally, to close higher on Thursday, Sept 8 while its key regional peers mostly pared down their gains as the initial euphoria over the positive close at Wall Street a day earlier fizzled out.

The local bourse was given a boost by updates on the Economic Transformation Programme (ETP) by Prime Minister Datuk Seri Najib Tun Razak who said that 84% of the initiatives announced under the ETP were being implemented.

On a collective basis, the ETP recorded RM171.21 billion investments, RM228.55 billion in gross national income and 372,361 new jobs, he said.

The FBM KLCI rose 0.36% or 5.22 points to 1,469.83, lifted by gains at select blue chips including banks, Tenaga and Genting.

Gainers led losers by 415 to 265, while 284 counters traded unchanged. Volume was 812.87 million shares valued at RM1.14 billion.

At the regional markets, Japan's Nikkei closed 0.34% higher at 8,793.12, South Korea's Kospi rose 0.72% to 1,846.64, Taiwan's Taiex gained 0.26% to 7,548.37 and Singapore's Straits Times Index xxxx

Meanwhile, the Shanghai Composite Index fell 0.68% to 2,498.94 and Hong Kong's Hang Seng Index shed 0.67% to 19,912.82.

On Bursa Malaysia, Nestle was the top gainer and added 58 sen to RM49.58, BAT 30 sen to RM43.90, Tan Chong 26 sen to RM4.75, Tradewinds 23 sen to RM9.13, RHB Capital 20 sen to RM8.49, HLFG and Tenaga 18 sen to RM11.66 and RM5.30, IOI Corp 14 sen to RM4.81, Genting nine sen to RM9.84 and CIMB two sen to RM7.18.

Among the decliners, Panasonic fell 24 sen to RM21.24, Petronas Dagangan 12 sen to RM17.62, Genome 10 sen to 60 sen, Southern Steel and Hong Leong Industries nine sen each to RM2.16 and RM4, Petra Energy, Top Glove and PacificMas eight sen each to RM1.03, RM4.70 and RM3.38 respectively, while Astral Asia lost seven sen to RM1.08.

The actives included Malton, E&O, Karambunai, Systech, DVM, AirAsia, CIMB and HWGB.

Meanwhile, DiGi.Com said its wholly owned subsidiary DiGi Telecommunications Sdn Bhd (DiGiTel) had proposed to undertake a capital management initiative whereby DiGiTel would distribute approximately RM509 million to DiGi.Com.

In a statement Thursday, Sept 8, DiGi said the capital distribution would be via the issuance of redeemable preference shares, which upon redemption will result in a cash payment of approximately RM509 million to DiGi.

DiGi said it intends to distribute the excess proceeds from the capital distribution to all its shareholders by first half of 2012.

Trading in DiGi shares had been halted from 9am till 5pm today.

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