MARKET DEVELOPMENT
KLCI Extends Gains as Plantations Climb, E&O in Focus
KLCI Extends Gains as Plantations Climb, E&O in Focus
29/05/2014 (The Star) - Malaysia’s blue chips extended their gains early Thursday, underpinned by gains in plantation stocks while Eastern & Oriental Bhd (E&O) was in focus after Sime Darby dispelled speculation of a takeover of the property company.
At 9.20am, the FBM KLCI was up 2.74 points to 1,874.40. Turnover was 140.64 million shares valued at RM110mil. There were 201 gainers, 136 losers and 189 counters unchanged.
BIMB Securities Research reckons foreign based funds are returning into the region as values in the developed markets are now at the highs.
“Locally, the FBMKLCI gained 4.09 points at 1,871.66 on Wednesday from some foreign buying that saw a net inflow of almost RM209mil yesterday pushing net foreign inflows to RM354mil so far this week after a net inflow of RM999mil last week. We should expect some consolidation today but see the index to be flat,” said the research house.
United Plantations rose34 sen to RM27.96 and KL Kepong 34 sen to RM24.54 following a recovery in crude palm oil prices.
BAT was the top gainer, adding 60 sen to RM63 with just 200 shares done.
Insurer Alllianz added 44 sen to RM10.84 while Allianz-PA added 30 sen to RM10.64.
E&O rose 18 sen to RM2.56 with 2.83 million shares done.
Sime Darby reduced its stake in E&O by 9.9% by selling it to Morning Crest Sdn Bhd, which is owned by E&O managing director Datuk Terry Tham Ka Hon for RM319mil, or RM2.90 per share. The move has dispelled market talk that the conglomerate planned to launch a takeover of E&O.
Other gainers were MESB, up 15 sen to 95 sen while Naim Holdings gained 13 sen to RM4.04 and glove maker Kossan added 11 sen to RM4.09.
Nestle extended its losses, down 52 sen to RM67. Prestariang lost eight sen to RM1.76 while IJM shed seven sen to RM6.78.
Bonia fell seven sen to RM51.2. Its net profit for the nine months ended March 31, 2014 was in line with expectations, accounting for 75% of CIMB Equities Research’s and 72% of consensus full-year forecasts.
At 9.20am, the FBM KLCI was up 2.74 points to 1,874.40. Turnover was 140.64 million shares valued at RM110mil. There were 201 gainers, 136 losers and 189 counters unchanged.
BIMB Securities Research reckons foreign based funds are returning into the region as values in the developed markets are now at the highs.
“Locally, the FBMKLCI gained 4.09 points at 1,871.66 on Wednesday from some foreign buying that saw a net inflow of almost RM209mil yesterday pushing net foreign inflows to RM354mil so far this week after a net inflow of RM999mil last week. We should expect some consolidation today but see the index to be flat,” said the research house.
United Plantations rose34 sen to RM27.96 and KL Kepong 34 sen to RM24.54 following a recovery in crude palm oil prices.
BAT was the top gainer, adding 60 sen to RM63 with just 200 shares done.
Insurer Alllianz added 44 sen to RM10.84 while Allianz-PA added 30 sen to RM10.64.
E&O rose 18 sen to RM2.56 with 2.83 million shares done.
Sime Darby reduced its stake in E&O by 9.9% by selling it to Morning Crest Sdn Bhd, which is owned by E&O managing director Datuk Terry Tham Ka Hon for RM319mil, or RM2.90 per share. The move has dispelled market talk that the conglomerate planned to launch a takeover of E&O.
Other gainers were MESB, up 15 sen to 95 sen while Naim Holdings gained 13 sen to RM4.04 and glove maker Kossan added 11 sen to RM4.09.
Nestle extended its losses, down 52 sen to RM67. Prestariang lost eight sen to RM1.76 while IJM shed seven sen to RM6.78.
Bonia fell seven sen to RM51.2. Its net profit for the nine months ended March 31, 2014 was in line with expectations, accounting for 75% of CIMB Equities Research’s and 72% of consensus full-year forecasts.