KL shares firm at mid-morning
At 11.00am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,745.80, up 3.52 points, from Friday’s close of 1,742.28. The key index opened 0.86 of-a-point better at 1,743.14.
Gains in Petronas Dagangan Bhd (PetDag) boosted the composite index by 2.59 points.
Other leading movers in the FBM KLCI component stocks were Maybank and Petronas Chemicals which advanced six sen each to RM9.24 and RM7.50, respectively, while MISC garnered eight sen to RM7.38.
On the broader market, market breadth was negative with decliners outpacing gainers 347 to 321 while 365 counters were unchanged, 801 untraded and 20 others were suspended.
Turnover stood at 1.13 billion shares worth RM531.48 million.
AllianceDBS Research Sdn Bhd, in a note, reiterated its “hold” call on PetDag with a price target of RM24.25 within a year.
PetDag registered a strong core earnings of RM323 million for its third quarter ended Sept 30, 2017 (3QFY17), which jumped 30 per cent, year-on-year (y-o-y), or 39 per cent quarter-to-quarter. The group also declared a higher interim dividend of 20 sen (3QFY16: 14 sen).
The FBM 70 rose 50.52 points to 15,599.39 and the FBM Ace advanced 20.24 points to 6,848.96.
On a sectoral basis, the Finance Index bagged 32.12 points to 16,261.84, the Plantation Index trimmed 8.62 points to 8,007.39 while the Industrial Index gained 5.44 points to 3,207.19.
Among actives, Sumatec and Trive were both flat at 5.5 sen and 9.5 sen, respectively, Hibiscus rose two sen to 81 sen while PUC shed one sen to 21 sen. — Bernama
Source: The Malay Mail Online