Mild rebound in Tenaga lifts KLCI, RHB Bank climbs

TheStar Fri, Apr 12, 2019 09:40am - 4 years View Original


KUALA LUMPUR: Tenaga Nasional managed to stage a rebound early Friday to help shore up the FBM KLCI following the selldown the previous day.

At 9.27am, the KLCI was up 1.55 points or 0.1% to 1,625.78. Turnover was 394.98 million shares valued at RM158.61mil. There were 213 gainers, 137 losers and 243 counters unchanged.

On Thursday, the KLCI tumbled 15.23 points (-0.93%) to close at 1,624.23, weighted by Tenaga’s 4.13% fall after Khazanah placed out 85 million shares or 1.49% stake.

“Thursday’s long bearish candlestick signified strong selling pressure. However, we believe that the selling pressure should not persist and that there is a possibility of a rebound in the near term, as the stochastic indicator has been in the oversold territory for quite some time. 

“Any downside bias should see support levels at 1,615 (S1) and 1,600 (S2). Should a rebound happen, we look towards 1,660 (R1) and 1,700 (R2) as resistance levels,” the research house said.

Asian shares were flat and US Treasury yields pulled back early Friday as investor caution prevailed ahead of the release of first-quarter corporate earnings, although stronger US economic data helped offset some concerns about global growth, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan was barely higher, up 0.03%. Higher Chinese iron ore prices helped Australian shares outpace regional markets, pushing Australia's S&P/ASX 200 index up 0.7%. Japan's Nikkei stock index gained 0.1%.

At Bursa, Tenaga which saw nearly RM3bil wiped out from its market capitalisation on Thursday, rose 22 sen to RM12.28.

Sedania surged 11 sen to 27.5 sen while KESM and HL Industries gained 10 sen each to RM7.95 and RM10.46. 
MAHB added six sen to RM6.67 while Enra and RHB Bank added five sen each to RM1.45 and RM5.73.

Bina Puri was the most active, up 3.5 sen to 22 sen with 61.19 million shares done.

Ekovest added 0.5 sen to 63.5 sen and its warrants one sen higher at 16.5 sen while IWCity added 4.5 sen to RM1.

Petronas Chemical fell 17 sen to RM8.79 and weighed on the KLCI and Petronas Gas 10 sen lower at RM17.52.

Ta Ann and SunCon lost three sen each to RM2.32 and RM1.98.
   
On Thursday, the KLCI tumbled 15.23 points (-0.93%) to close at 1,624.23, weighted by Tenaga’s 4.13% fall after Khazanah placed out 85 million shares or 1.49% stake.

“Thursday’s long bearish candlestick signified strong selling pressure. However, we believe that the selling pressure should not persist and that there is a possibility of a rebound in the near term, as the stochastic indicator has been in the oversold territory for quite some time. 

“Any downside bias should see support levels at 1,615 (S1) and 1,600 (S2). Should a rebound happen, we look towards 1,660 (R1) and 1,700 (R2) as resistance levels,” the research house said.

Asian shares were flat and US Treasury yields pulled back early Friday as investor caution prevailed ahead of the release of first-quarter corporate earnings, although stronger US economic data helped offset some concerns about global growth, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan was barely higher, up 0.03%. Higher Chinese iron ore prices helped Australian shares outpace regional markets, pushing Australia's S&P/ASX 200 index up 0.7%. Japan's Nikkei stock index gained 0.1%.

At Bursa, Tenaga which saw nearly RM3bil wiped out from its market capitalisation on Thursday, rose 22 sen to RM12.28.

Sedania surged 11 sen to 27.5 sen while KESM and HL Industries gained 10 sen each to RM7.95 and RM10.46. 
MAHB added six sen to RM6.67 while Enra and RHB Bank added five sen each to RM1.45 and RM5.73.

Bina Puri was the most active, up 3.5 sen to 22 sen with 61.19 million shares done.

Ekovest added 0.5 sen to 63.5 sen and its warrants one sen higher at 16.5 sen while IWCity added 4.5 sen to RM1.

Petronas Chemical fell 17 sen to RM8.79 and weighed on the KLCI and Petronas Gas 10 sen lower at RM17.52.

Ta Ann and SunCon lost three sen each to RM2.32 and RM1.98.

...

Full Article on TheStar

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

BURSA 7.460
EKOVEST 0.490
ENRA 0.640
IWCITY 0.850
KESM 6.220
PETGAS 17.540
RHBBANK 5.640
SEDANIA 0.195
SUNCON 2.940
TENAGA 11.240

Comments

Login to comment.