CIMB, Tanjong, KLK advance

Written by Joseph Chin
Friday, 23 October 2009 10:49

KUALA LUMPUR: Gains in CIMB and KL Kepong helped lift the FBM KLCI in early trade on Friday, Oct 23 following the firmer close on Wall Street and gains in key regional markets.

At 10.36am, the FBM KLCI rose 7.51 points to 1,267.53. Turnover was 231.47 million shares valued at RM263.55 million.

HwangDBS Vickers Research said on the back of the overnight bounce-up on Wall Street - its key bellwethers jumped between 0.7% and 1.3% at the closing bell lifted by better corporate earnings reports - it expected a slight upward bias performance on the local stock market.

"Nevertheless, its benchmark FBM KLCI may just rise a bit initially considering that our local bourse fared better (with a flat finish) compared with its regional peers (down between 0.3% and 1.8%) yesterday.

"Perhaps investors will only be getting into action more intensely later in the day, when the 2010 Budget speech is made in Parliament from 4pm onwards. So far, speculations of new / revised policy measures - for example shifting to a high-income economy and boosting economic competitiveness - seem to focus on the longer-term implications only. Let's wait and see if there will be any immediate and direct impact on our stock market by the end of the day," it said.

CIMB and Tanjong advanced 22 sen each to RM12.78 amd RM15.32 while Batu Kawan added 24 sen to RM10.10 and KL Keping 12 sen to RM15.02. Also higher were KLK, adding 12 sen to RM15.02 and MISC-F 11 sen to RM9.

Sern Kou, which was recently queried by Bursa Malaysia Securities over the volatile trading, was unchanged at 44. It was the most actively traded with 12.47 million shares done.

Green Packet-WA rose 3.5 sen to 43.5 sen and it was the second most active with 10.8 million units done. The shares gained four sen to 994 sen.

Shell fell the most, down 28 sen to RM10.42 while Lafarge gave up 14 sen to RM6.11 in thin trade. Pelikan, which announced a rights issue, fell five sen to RM1.42.