Genting, Public Bank, MISC lift FBM KLCI

KUALA LUMPUR: Local market sentiment perked up in late morning on Thursday, Jan 14, line with key Asian markets after the sharp losses the previous day, supported by fund buying of heavyweights Genting, Public Bank and MISC.

At 12.30pm, the FBM KLCI rose 5.08 points to 1,294.59. Turnover was 1.01 billion shares valued at RM1.11 billion. There were 522 gainers, 211 losers and 216 stocks unchanged.

Light crude oil rose 28 cents to US$79.93. Crude palm oil futures added RM11 to RM2,536 while US spot gold rose US$3.6 to US$1,141.80.

Japan’s Nikkei 225 rose 1.33% to 10,877.85, Hong Kong’s Hang Seng Index added 0.65% to 21,890.75 while Shanghai’s Composite Index gained 0.27% to 3,181.34 and Singapore’s Straits Times Index 0.98% higher at 2,916.78.

At Bursa, Nestle added 60 sen to RM33.90, making it the top gainer. Among the index linked stocks, Genting rose 17 sen to RM7.56 after an upgrade and MISC 22 sen to RM8.87 while Sime Darby gained two sen to RM8.98.

Among the banks, Public Bank rose 10 sen to RM11.50, AMMB five sen to RM5.23 and Maybank two sen to RM6.89.

MAHB surged 37 sen to RM4.70 after JP Morgan overweight MAHB and had a target price of RM6.25. Affin Investment Research had a buy with target price of RM5.10.

Glove makers continued to see strong interest. Top Glove added 44 sen to RM11.74 and Hartalega 25 sen to RM7.34. IRCB, which was queried by Bursa Securities, rose 18 sen to RM1.74. It was the most active with 53.6 million shares done.

AE Multi was up 30 sen to RM1.05 after announcing a corporate exercise, extending it second day of strong gains.

Goh Ban Huat fell 13 sen to RM1.64, with 5,00 shares done while Chin Tek lost 10 sen to RM7.50 and Carlsberg nine sen to RM4.60 and BHIC eight sen lower to RM4.70.