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Blue chips hold steady underpinned by Genting

TheStar Fri, Jun 14, 2019 09:49am - 5 months ago

KUALA LUMPUR: Blue chips were steady in early Friday trade, underpinned by Genting and Petronas Dagangan while Lafarge Malaysia rallied on hopes of a hike in cement price and the East Coast Rail Link (ECRL) projects.

At 9.31am, the FBM KLCI was up 0.99 of a point or 0.06% to 1,644.73. Turnover was 282.68 million shares valued at RM176.73mil. There were 203 gainers, 158 losers and 223 counters unchanged.

Meanwhile, Reuters reported Asian stocks held their ground after Wall Street gained on a surge in oil prices as attacks on tankers in the Gulf of Oman stoked US-Iran tensions and raised concerns over supply flows through one of the world's main sea lanes.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed. Australian stocks edged up 0.05% while Japan's Nikkei dipped 0.1%.

At Bursa, Genting rose 11 sen to RM6.59 while Petronas Dagangan added eight sen to RM10.30.

Lafarge jumped 21 sen to RM4.55 with 288,200 shares done. YTL Cement’s shareholding in Lafarge rose from 51% to 77% at the close of the acceptance period for the mandatory offer (MO) for the remaining 49% stake on Thursday.

Minority shareholders now have an opportunity of whether to sell their shares in the open market since the share price has rallied from the takeover price of RM3.75.

Tasek Cement climbed 14 sen to RM5.80 with 19,300 shares done.

As for consumer stocks, F&N added 18 sen to RM34.98 while Carlsberg added eight sen to RM24.40 but Ajinomoto fell 28 sen to RM17.40 with 300 shares done and Heineken eight sen lower at RM23.32.

Genting Plantations rose eight sen to RM10.30 but KL Kepong lost eight sen to RM24.48 and Sine Plantation seven sen to RM4.57.

7-Eleven slid 23 sen to RM1.27 with 500 shares done while short-selling was suspended for the rest of the day.

Inari lost nine sen to RM1.48 in active trade, its warrants fell six sen to 96 sen.

Related Stocks

AJI 15.800
BURSA 6.060
GENP 10.140
INARI 1.980
PETDAG 23.960
TASEK 5.500
YTL 0.900


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