Blue chips marginally higher

Written by Joseph Chin
Wednesday, 31 March 2010 13:37

KUALA LUMPUR: Blue chips were marginally higher at the midday break on Wednesday, March 31, buoyed by gains in CIMB, Public Bank and Axiata but the broader market was weaker in line with the key regional markets.

The positive news from the New Economic Model had yet to stir strong buying interest. Hwang DBS Vickers Research said the broad parameters and objectives for the NEM inspire optimism, in its view, but it expected the market to require more concrete details before positively pricing in the measures.

"Stocks which should benefit could be CIMB on greater capital market activities, and MRCB as a potential beneficiary of plans to redevelop strategically located government land," it said.

At 12.30pm, the FBM KLCI rose 0.48 of a point to 1,319.83. Turnover was 501 million shares valued at RM635 million. There were 235 gainers, 354 losers and 249 stocks unchanged.

Japan's Nikkei 225 rose 0.28% to 11,128.17 but Hong Kong's Hang Seng Index fell 0.16% to 21,339.94, Shanghai's Composite Index slipped 0.32% to 3,118.51 and Singapore's Straits Times Index 0.61% lower at 2,915.53.

Light crude oil fell 10 cents to US$82.27 while crude palm oil futures fell RM10 to RM2,535 but US spot gold advanced US$2.80 to US$1,106.40.

Among the index-linked stocks, CIMB rose four sen to RM14.02, Public Bank two sen higher at RM11.64 while Axiata added one sen to RM3.86. Hong Leong Bank inched up one sen to RM8.65 while EON Cap was flat at RM7.03.

MPHB and its call warrants were in the limelight as analysts see more upside for the property-gaming company. MPHB rose 18 sen to RM2.40 with 21.33 million shares done while MPHB-CA added eight sen to 39.5 sen.

Petra Energy was the top gainer, rising 20 sen to RM1.50. KPJ added 10 sen to RM2.96 and Proton seven sen to RM4.65.

MRCB rose six sen to RM1.65, which was 15 sen above the EPF's offer of RM1.50. Pos Malaysia inched up one sen to RM2.26.

The losers were Kossan, down 11 sen to RM7.99 while Hartalega slipped 10 sen to RM8.32. Kulim lost 10 sen to RM7.20 and CI Holdings nine sen to RM2.05.

Among index-linked stocks, Maybank fell eight sen to RM7.44 and BToto six sen to RM4.44.