KPS, JAKS, water-related stocks up in early trade

KUALA LUMPUR: Water-related counters KPS, JAKS and Puncak Niaga were actively traded on Tuesday while overnight gains on Wall Street also boosted sentiment.

At 10am, the KLCI was up 2.51 points to 1,295.60. Turnover was 123.82 million shares valued at RM155.12mil. There were 175 gainers, 144 losers while 206 counters were unchanged.

Hong Kong’s Hang Seng Index opened 0.5% higher at 25,190.18 while Japan’s Nikkei 225 added 0.64% to 13,831.85 and Singapore’s Straits Times Index added 0.49% to 3,195.8. Shanghai’s A Share Index fell 0.7% to 3,779.2.

China’s benchmark stock index, the Shanghai Composite Index opened down 3.07% at 3,515.71, weighed down by banking stocks after an earthquake left more than 10,000 people dead and the central banks’ move to raise the bank reserve ratio. At 10am, it was down 0.7% to 3,601.66.

In New York, US stocks rose Monday as the introduction of a faster BlackBerry spurred optimism about business spending on technology, while cooling oil prices eased inflation concerns. Oil fell to US$122.84.

Nasdaq extended gains late in the session after news Hewlett-Packard Co is close to a deal to buy Electronic Data Systems Corp for as much as US$13bil.

The Dow Jones industrial average rose 130.43 points, or 1.02%, to end at 12,876.31.

OSK Investment Research said it maintained its bullish bias view towards the near-term market. Hopefully, with key indices in the US market closing higher by more than 1% overnight, the KLCI could extend its gains and end the current consolidation phase soon.

MSC strong earnings saw the share price rising 30 sen to RM9 while Astro gained 22 sen to RM3.82 and Allianz 16 sen to RM4. Southern Steel added 12 sen to RM3.32 and the loan stocks 10 sen to RM3.10.

Puncak Niaga gained eight sen to RM3.44, KPS seven sen to RM1.95, Kumpulan Hartanah Selangor rose 2.5 sen to 70.5 sen and JAKS 1.5 sen to 76.5 sen.

YTL Power was the top loser, down 36 sen to RM2.30 while the warrants lost nine sen to RM1.11. IOI Corp and VADS gave up 10 sen each to RM7.30 and RM6.50.