Published: Monday July 16, 2012 MYT 1:12:00 PM
Updated: Monday July 16, 2012 MYT 3:03:37 PM
Axiata powers KLCI to record intra-day high
By Joseph Chin
KUALA LUMPUR: Axiata Group powered the FBM KLCI to an all-time intra day high of 1,635.96 in the morning session while Tenaga also advanced amid the mostly positive regional markets.
At 12.30pm, the FBM KLCI was up 8.07 points or 0.5% to 1,634.45. Turnover was 607.17 million shares valued at RM640.96mil. There were 361 gainers, 259 losers and 314 stocks unchanged.
However, dealers said despite the recent fresh record highs by the KLCI, which were due to fund buying, most of the retail investors were not active in the market. They said there was a lack of follow-through buying by retailers.
Reuters reported Asian shares extended their rally on Monday as fears of an economic hard landing in China subsided, with Premier Wen Jiabao raising the prospect of more policy stimulus if needed.
With worries about China off the boil, the markets focus is shifting to the next policy move from the United States and a slew of corporate earnings from U.S. firms this week.
Among the key regional markets, Hong Kong's Hang Seng Index added 0.19% to 19,129.62; Taiwan's Taiex added 0.04% to 7,106.87 and Singapore's Straits Times Index increased 0.12% to 2,999.29.
However, Shanghai's Composite Index fell 1.2% to 2,159.69 and South Korea's Kospi slipped 0.05% to 1812.05.
US light crude oil fell 24 cents to US$86.86 but Brent rose 17 cents to US$102.57. The ringgit strengthened to 3.1766 to the US dollar. Spot gold added just 35 cents to US$1,589.95.
As for the Malaysian equities market, UOB Kay Hian Malaysia Research expected the defensive sectors to modestly outperform the market as they did in the first half of 2012, amid a low interest rate environment and the global economic slowdown.
Crude palm oil for third-month futures rallied to an intra-morning high of RM3,152 per tonne before settling at RM3,140 at midday, up RM69. KLK added 14 sen to RM23.98 and PPB Grouip six sen to RM15.70.
Axiata rose 15 sen to RM5.89 with 7.06 million shares done, pushing the KLCI up 2.98 points. TM rose eight sen to RM6 and nudged the index up 0.77 of a point.
Tenaga added six sen to RM6.62 ahead of its third quarter results on Thursday.
SAM Engineering was the top gainer with 22 sen to RM3.30. Among consumer stocks, Nestle rose 20 sen to RM58.22, and GAB 18 sen to RM14.40.
Century Software was the most active with 30.65 million shares done, up 3.5 sen to 50.5 sen.
Cybertowers was among the top losers, down 13.5 sen to 93.5 sen. Rapid fell the most, down 20 sen to RM2, Shell 19 sen to RM9.30 while Fiamma lost eight sen to RM1.20 and BJLand seven sen to 78 sen.