Blue chips up at midday on some window dressing

KUALA LUMPUR: Blue chips ended the morning session slightly higher on Friday, on some window dressing activities by institutions, with gains in MISC, IJM and Public Bank, as the first quarter draws to a close.

At 12.30pm, the KLCI had risen 2.74 points to 1,256.77, the FBM Emas rose 31.41 points to 8,492.21 while the FBM2BRD gained 11.36 points to 5,892.19.

Turnover was 523.58 million shares valued at RM787.75mil. There were 320 gainers, 239 losers and 217 counters unchanged.

Key Asian markets also pared their earlier losses. Shanghai’s A Share Index bouncing 92.34 points or 2.58% higher at 3,671.26 while Hong Kong’s Hang Seng Index advanced 287.89 points or 1.27% to 22,952.11.

Japan’s Nikkei 225 rose 2.04% to 12,861.38, Singapore’s Straits Times Index added 0.74% to 3,047.66 and South Korea’s Kospi 1.37% up at 1,699.20.

Light crude oil was trading at US$106.45 per barrel, down US$1.13.

Crude palm oil futures fell RM50 to RM3,580 per tonne.

The ringgit was quoted at 3.2050 to the US dollar.

On the market action this morning, analysts said there was some window dressing by institutions ahead of the closure of their accounts for the first quarter.

They said the country’s overall political situation was steadier since the general election results, except for some issues yet to be resolved.

Among the heavyweights, MISC rose 40 sen to RM9.40 and te foreing shares 30 sen higher to RM9.40, Maybank added 10 sen to RM8.50 and Sime Darby rose five sen to RM9.30. However, Tenaga fell five sen to RM7.25 while Telekom was unchanged at RM10.80.

Parkson was the top gainer, up 40 sen to RM6.20 while IJM rose 25 sen to RM6.10. Ewein, which was listed today, rose 32 sen to RM1.02.

Berjaya stocks were also traded higher. Berjaya Land rose 30 sen to RM5.55 and its loan stocks 20 sen higher to RM5.40. Berjaya Toto gained 20 sen to RM5.30.

Golden Plus jumped 32 sen to RM1.45 with 4.05 million shares despite the on-going shareholders battle. On Thursday, the company told Bursa Malaysia that the Kuala Lumpur High Court appointed Ng Pyak Yeow of Ng, Lee & Partners as the provisional liquidator for Golden Plus pending the hearing of the winding-up petition fixed on May 8 this year.

Ewein, which was listed today, surged 32 sen to RM1.02.

The top loser was Tajung Offshore warrants WA, which fell 42 sen to RM1.58. DiGi lost 40 sen to RM24 and BCHB fell 30 sen to RM10 while RHB Cap gave up 14 sen to RM4.76.

The closing level at 1258.41 (4.38)...