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KL shares edge up at the opening, led by TNB

KUALA LUMPUR, April 12 — The FTSE Bursa Malaysia KLCI rebounded into positive territory in early trade today, led by Tenaga Nasional, which rose 1.7 per cent to RM12.26 after losing four per cent at yesterday's close. The index, which opened 0.3…


KLCI rebound, led by TNB

KLCI rebound, led by TNB

KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) rebounded into positive territory in early trade today, led by Tenaga Nasional, which rose 1.7% to RM12.26 after losing four per cent at yesterday’s close.

The index, which opened 0.3 of-a-point higher at 1,624.53, improved to 1,625.40 at 9.15 am.

On the broader market, gainers outnumbered decliners 172 to 105, while 212 counters remained unchanged, 1,390 untraded and 32 others suspended.

Turnover stood at 215 million shares worth RM96.1 million.

Malacca Securities Sdn Bhd said after Bursa Malaysia stocks took a steeper tumble yesterday, sentiments are becoming increasingly frail that is likely to leave market interest on the wayside.

It said there are few leads and this resulted in fewer buying opportunities for market players.

At the same time, the uncertain market outlook is also causing many investors to close out positions.

“It said despite the still largely frail market conditions, we do not discount the possibility of a quick rebound to end the week after yesterday’s steep falls.

“Much of the rebound will be on mild bargain hunting activities, but we also think that the gains will be measured with the wariness still very much a feature of the current market environment,“ it added.

Of the heavyweights, Maxis went down 10 sen to RM5.60 while Digi dropped five sen to RM4.65 sen.

Meanwhile, CIMB rose one sen to RM5.07, Maybank and Public Bank were flat at RM9.26 and RM22.62, while PetChem dropped 16 sen to RM8.80 and IHH Healthcare was one sen lower at RM5.54.

Of the actives, Bio Osmo was unchanged at 7.5 sen, Bina Puri added two sen to 20.5 sen and Iskandar Waterfront increased 4.5 sen to RM1.

The FBM Emas Index improved 14.27 points to 11,547.67, the FBMT 100 Index gained 15.89 points to 11,374.01 and the FBM Ace Index inched up 25.23 points to 4,739.24.

The FBM Emas Shariah Index advanced 10.85 points to 11,738.16 and the FBM 70 appreciated 51.48 points to 14,549.50.

Sector-wise, the Financial Services Index up 9.90 points to 16,824.16, the Plantation Index was 2.19 points higher at 7,236.03, while the Industrial Products and Services Index decreased 1.12 points to 168.00.

Gold futures contracts on Bursa Malaysia Derivatives were untraded in the early session on lack of trading interest, a dealer said.

At 9.50 am, April 2019, May 2019, June 2019 and July 2019 stood at RM173, RM173, RM172.90 and RM173 a gramme respectively.

Volume was nil, while open interest amounted to 32 contracts.

At 9.30 am, the price of physical gold decreased RM1.17 to RM165.64 per gramme. — Bernama


Key heavyweights push Bursa lower at opening

KUALA LUMPUR, April 11 — The FTSE Bursa Malaysia KLCI (FBM KLCI) were lower at early trade today, brought down by weak heavyweights — Tenaga, PetChem, Nestle and Dialog, despite the lower liners continued strength. At 9.15am, the benchmark FTSE…


KLCI opens lower as key heavyweights weigh

KLCI opens lower as key heavyweights weigh

KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) were lower at early trade today, brought down by weak heavyweights Tenaga, PetChem, Nestle and Dialog, despite the lower liners continued strength.

At 9.15 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index declined 3.12 points to 1,63.34.

The index opened 0.13 points lower at 1,639.33.

On the broader market, gainers outnumbered decliners 186 to 114, while 234 counters remained unchanged, 1,335 untraded and 31 others suspended.

Turnover stood at 476 million shares worth RM143.9 million.

Malacca Securities Sdn Bhd said under the prevailing environment, the FBM KLCI is set for an extended indifferent trend, lingering within the 1,630 and 1,650 levels.

“There are also few market events to look forward to as several large initial public offerings are said to have been held back due to the uncertain market environment.

“Corporate exercises are also fewer due to the weak market sentiments, while valuations are already fair,“ it said today.

As for the lower liners, Malacca Securities said current low valuations will continue to draw in substantive trading actions, possibly allowing the broader market to recover further.

“However, we think that the recent gains are already overdone and consolidation is due to set in soon,“ it added.

At the same time, regional leads were also bearish with Asian benchmark indices closed mostly lower on fresh concerns over the global economic growth after the International Monetary Fund slashed global growth outlook to 3.3 per cent from 3.5 per cent.

Meanwhile, U.S stock markets rebounded after the U.S Federal Reserve stood pat on its dovish stance regarding future rate hike in the latest monetary policy meeting.

Of the heavyweights, Maxis went down 10 sen to RM5.60 while Digi dropped five sen to RM4.65 sen.

Meanwhile, Tenaga down 18 sen to RM12.40, PetChem was eight sen lower at RM8.92, Nestle dropped RM1.50 to RM145.30 and Dialog went down two sen to RM3.22.

Meanwhile, gainer heavyweights — Public Bank was four sen higher at RM22.68, Malaysia Airports added eight sen to RM6.83 and Maybank rose one sen to RM9.29.

Of the actives, Daya Materials, Dynaciate and Bio Osmo were half-a-sen higher each at 1.5 sen, 9.5 sen and 7.5 sen, respectively, while Ekovest inched up three sen to 66.5 sen.

The FBM Emas Index declined 8.85 points to 11,626.19, the FBMT 100 Index dropped 13.46 points to 11,443.68 and the FBM Ace Index inched down 13.27 points to 4,788.75.

The FBM Emas Shariah Index shed 20.61 points to 11,840.60, but the FBM 70 appreciated 16.43 points to 14,610.64.

Sector-wise, the Financial Services Index up 11.93 points to 16,872.02, while the Industrial Products and Services Index decreased 0.54 of-a-point to 169.42 and the Plantation Index was 2.27 points lower at 7,294.73.

Gold futures contracts on Bursa Malaysia Derivatives were untraded in the early session on lack of catalyst, dealers said.

At 9.35 am, April 2019, May 2019, June 2019 and July 2019 stood at RM171.30, RM171.50, RM171.40 and RM171.50 a gramme respectively.

Volume was nil, while open interest amounted to 32 contracts.

At 9.30 am, the price of physical gold increased by 82 sen to RM167.26 per gramme. — Bernama


Potential revival of HSR seen as catalyst for YTL

PETALING JAYA: A potential revival of the Kuala Lumpur-Singapore High Speed Rail (HSR) project is a catalyst for YTL Corp Bhd’s construction division, according to MIDF Research.

It said construction currently accounts for 3% of YTL’s pretax earnings, while its construction earnings has seen progressive improvement in recent quarters given progress in the Gemas-Johor Baru double tracking project.

It was reported that Malaysia was exploring proposals to reduce cost of the HSR project, which could mean a potential revival of the project.

YTL was previously appointed as one of two project delivery partners (PDP) for the now deferred HSR project. YTL submitted a bid for the role via a 70:30 joint venture with TH Properties Sdn Bhd (YTL-THP).

The other consortium appointed for the PDP role previously was Malaysian Resources Corp Bhd-Gamuda Bhd (50:50). YTL-THP was selected for the Southern portion of the alignment (Johor portion) and MRCB-Gamuda for the Northern portion (KL to state border of Malacca-Johor).

Moreover, previously reported contenders for the now deferred HSR project were Gamuda, IJM and Naza’s respective consortiums.

“A drag however, comes from weak Power Seraya performance given the continued overcapacity situation in Singapore power generation. Hyflux’s woes could be a blessing in disguise as it could mean the elimination of excess capacity should there be a dismantling gas supply agreements to Hyflux’s plants as part of its restructuring, if any. Other than Singapore power, there continues to be concerns surrounding the 1Bestari project, expected to expire mid-2019, which will be re-tendered out,“ MIDF cautioned.

However, the research house said YTL is backed by a solid track record given involvement in the construction and operation of the RM2.4 billion Express Rail Link project which was also one of the cheapest that has been rolled out nearly two decades ago at just RM42 million/km.

YTL’s order book is estimated at RM8 billion comprising mainly the Gemas-Johor Baru double tracking project which was not impacted by the Pakatan Harapan government’s review of infrastructure projects in the past eight months.

The construction of YTL Power’s Tanjung Jati coal power plant in Indonesia was supposed to add an estimated RM4 billion, but progress on the financial close of this project has been delayed, presumably given the upcoming Indonesian elections.

MIDF maintained its “neutral” call on YTL for the meantime at an unchanged target price of RM1.15 a share. Key catalysts for a review of its call include progress in Tg Jati power plant project, improvement in Seraya earnings, and potential revival of the HSR project.


KL shares in the red after mild profit taking

KUALA LUMPUR, April 9 — Shares on Bursa Malaysia were lower in early trade today, after failing to sustain earlier gains on mild profit-taking in the telecommunication sector. The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index, which opened…


KL shares opens slightly higher but eases thereafter

KUALA LUMPUR: Shares on Bursa Malaysia opened slightly higher this morning but turned easier thereafter on lack of buying momentum.

At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index retreated 0.08 of a point to 1,641.73 from last Friday’s 1,641.81.

The index opened at 1.86 points higher at 1,643.67.

On the broader market, gainers outnumbered decliners 230 to 109, while 179 counters remained unchanged, 1,328 untraded and 21 others suspended.

Turnover stood at 243.8 million shares worth RM86.3 million.

Malacca Securities Sdn Bhd said profit taking activities were more prevalent last Friday to leave sentiments on the wayside, a trend that looks to persist as there are still few compelling domestic leads to allow the key index to string together a meaningful uptrend.

“Under the prevailing environment, we see the indifferent trend persisting with the key index hovering within the 1,640 and 1,650 levels for now.

“The other support and resistance levels are at the recent low of 1,638 and 1,657, respectively,” it said in a note today.

Of the heavyweights on Bursa, Nestle rose RM1 to RM146.50, KLK added 36 sen to RM25.12, BAT added 28 sen to RM36.28, while PPB went up 24 sen to RM18.74 as at 9.30 am.

Of the actives, Sapura Energy increased 1.5 sen to RM37 sen, Talam was half a sen lower to five sen, KNM went up half a sen to 17 sen.

The FBM Emas Index gained 29.85 points 11,630.72, the FBMT 100 Index erased 1.01 points to 11,454.14 and the FBM Ace Index shed 3.23 points to 4,823.30.

The FBM Emas Shariah Index gained 13.94 points to 11,807.57, the FBM 70 appreciated 62.10 points to 14,486.64.

Sector-wise, the Financial Services Index up 4.08 points to 16,892.80, the Industrial Products and Services Index inched up 0.22 of a point to 169.76 and the Plantation Index was 42.44 points higher at 7,278.99.

Gold futures contracts on Bursa Malaysia Derivatives were untraded in the early session on lack of demand, a dealer said.

At 9.44 am, March 2019, April 2019, May 2019 and June 2019 stood at RM169.50, RM169.70, RM169.60 and RM169.70 a gramme respectively.

Volume was nil, while open interest amounted to 21 contracts.

At 9.30 am, the price of physical gold was up by 91 sen to RM164.67 per gramme. — Bernama


Bursa opens higher, eases on lack of buying activity

KUALA LUMPUR, April 8 — Shares on Bursa Malaysia opened slightly higher this morning but turned easier thereafter on lack of buying momentum. At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index retreated 0.08 of a point to 1,641.73…


Higher commodity prices, trade talk optimism to lift FBM KLCI next week

KUALA LUMPUR, April 6 — Bursa Malaysia is expected to trade higher next week, hitting the 1,650 level, mainly driven by higher commodities prices and optimism about the ongoing US-China trade talks, which are likely to end in the next few weeks….


KL shares eases at mid-day on limited heavyweight selling

KUALA LUMPUR, April 4 — Shares on Bursa Malaysia were slightly lower at mid-day on selling in selected heavyweights led by Genting Bhd, Genting Malaysia and Public Bank. At lunch break, the key FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.79 points…