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Share prices close higher on buying of heavyweights

August 10, 2012

KUALA LUMPUR: Share prices on Bursa Malaysia rebounded to close higher due to eleventh hour buying of heavyweights ahead of the weekend, dealers said.

Gains on heavyweights, led by IOI Corporation, shored up the FTSE Bursa Malaysia KLCI (FBM KLCI) which ended 2.84 points better at the day’s high of 1,645.36.

Mercury Securities Sdn Bhd head of research Edmund Tham said some selective buying, involving stocks like Eastern & Oriental Bhd, may have driven the market in last 10 minutes before the market closed.

“Apart from that, I think positive local sentiment, as opposed to the weaker European market and a string of good corporate results which has started to come in, may have driven the rally,” he told Bernama.

He said the research house had set the support level at 1,620 and resistance between 1,647 and 1,660.

The Finance Index rose 15.85 points to 14,775.76, the Industrial Index improved 8.44 points to 2,875.8 and the Plantation Index jumped 42.78 points to 8,747.87.

The FBM Emas Index advanced 27.88 points to 11,262.36, the FBMT100 Index increased 28.81 points to 11,083.8, the FBM70 Index surged 77.52 points to 12,441.88 and the FBM Ace Index gained 58.6 points to 4,469.35.

Gainers outnumbered losers 357 to 349 while 358 counters closed unchanged, 554 untraded and 17 others were suspended.

Total turnover rose to 1.229 billion shares, worth RM1.545 billion, compared with yesterday’s 884.651 million shares worth RM1.348 billion.

On latest development, the Securities Commission has said that Sime Darby does not have to make a general offer (GO) for the remaining shares in Eastern & Oriental Holdings (E&O) after it acquired a 30% stake.

SC said that its position on the GO requirement in the Sime Darby-E&O acquisition remained unchanged as per the statement issued on Oct 11, last year.

It said the decision was now subject to judicial review which was pending in court.

E&O, which topped the gainers list, jumped 42 sen or 28.378% to RM1.90 with 44.745 million shares traded.

Meanwhile, the Main Market volume rose to 719.903 million shares, worth RM1.473 billion, compared with yesterday’s 676.81 million units valued at RM1.311 billion.

Turnover on the ACE Market surged to 404.946 million shares, valued at RM58.665 million, versus yesterday’s 153.284 million units worth RM29.284 million.

Warrants also soared to 101.941 million shares, valued at RM12.526 million, against 46.241 million units, worth RM5.768 million, registered yesterday.

Other gainers, Ta Ann jumped 33 sen to RM4.79, F&N gained 30 sen to RM19.90 and Hong Leong Financial was 24 sen higher at RM12.58.

Among active stocks, Ingens added 2.5 sen to 16 sen, Ingens-WA edged up one sen to 7.5 sen and E&O-CA:CW gained 16 sen to 16.5 sen.

Of heavyweights, Maybank fell three sen to RM8.92, Sime Darby and CIMB eased one sen each to RM9.80 and RM7.90 respectively while Petronas Chemicals added one sen to RM6.60.

IOI Corp, which contributed 1.473 points to the FBM KLCI, gained 12 sen to RM5.27.
Consumer products accounted for 51.145 million shares traded on the Main Market, industrial products 169.207 million, construction 23.797 million, trade and services 265.64 million, technology 17.262 million, infrastructure 11.24 million, finance 49.378 million, hotels 336,900, properties 96.214 million, plantations 28.295 million, mining 10,000, REITs 7.361 million and closed/fund 16,000.



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