Business

Published: Monday October 19, 2009 MYT 12:57:00 PM
Updated: Monday October 19, 2009 MYT 1:05:03 PM

Benchmark index up; interest mainly on second liners


KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.5 points to 1,259 before the midday break, with interests mainly capped on lower liners and penny stocks.

Genting Bhd and Hong Leong Bank hogged the limelight, with gains of 16 sen each to RM7.64 and RM7.30 respectively. Padiberas Nasional Bhd added 11 sen to RM1.97, TPC Plus Bhd rose 10.5 sen to 34.5 sen and Encorp Bhd gained 11.5 sen to RM1.03.

The New Straits Times Press (M) Bhd, meanwhile, fell 36 sen to RM2.10 following Media Prima Bhd’s conditional takeover exercise of NSTP at an offer price of RM2 per share. Media Prima was up 3 sen at RM1.80.

Eastern & Oriental Bhd lost 16 sen to RM1.28, IGB Corp Bhd shed 13 sen to RM2.20 while Top Glove Corp Bhd was 12 sen lower at RM8.28.

At 12.42pm, Nikkei 225 was down 0.3%, Singapore Straits Times Index lost 0.2% while Hang Seng Index gained 0.4% and Kospi up 0.05%.

TA Securities, in a report, said this week would see a slew of economic data like consumer price index and foreign reserves on Wednesday and Thursday respectively, as well as the tabling of Budget 2010 on Friday.

The total allocation for Budget 2010 was estimated about RM177.3bil, 14.7% lesser than last year’s RM207.9bil, and the forecast deficit of 4.7% was much lower than this year’s expected 7.4%, it said.

“Sin sectors could be facing the music this year as the Government tries to increase its revenue base while construction, consumer and property stocks could be benefitting from government incentives,” TA added.

Although the FBM KLCI was overbought, the current positive market undertone was expected to keep any profit taking and corrections shallow and short, it said. 
GENM :  [Stock Watch]  [News] 
HLBANK :  [Stock Watch]  [News] 
BERNAS :  [Stock Watch]  [News] 
PLUS :  [Stock Watch]  [News]
ENCORP : [Stock Watch] [News]


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