Axiata helps push KLCI to another record high (6888)

KUALA LUMPUR: Fund buying of Axiata,
plantations and selected bank stocks saw the FBM KLCI advancing to an
all-time intra-day high of 1,629 while other regional markets were in
the red.
The stronger-than-expected May industrial production
index, which saw it registering a 7.6% on-year increase, also
underpinned investors' confidence. Consensus estimates were a 4.6%
increase.
At 12.30pm, the FBM KLCI was up 5.15 points or 0.32%
to 1,629.44. Turnover was 653.06 million shares valued at RM830.09mil.
There were 304 gainers, 312 losers and 316 stocks unchanged.
As
for Asian markets, Bloomberg reported they fell a fifth day, headed for
the longest losing streak since May, amid concern a global slowdown
will hit earnings at companies from Advantest Corp. to BHP Billiton Ltd.
However, losses were limited as Chinese Premier Wen Jiabao called for investment in railways.
Japan's
Nikkei 225 fell 0.39% to 8,823.51; Hong Kong's Hang Seng Index 0.39%
lower to 19,321.40; Shanghai's Composite Index 0.22% to 2,159.75;
Taiwan's Taiex dipped 0.13% to 7,421.86 and South Korea's Kospi eased
0.13% to 1,827.10.
Bucking the trend with the KLCI was Singapore's Straits Times Index, which rose 0.27% to 2,972.49.
US light crude oil rose 63 cents to US$84.54 and Brent added 47 cents to US$98.44. Spot gold climbed US$7.52 to US$1,574.68.
The ringgit was traded at 3.1835.
Crude palm oil for third-month futures fell RM45 to RM3,085.
At Bursa Malaysia, Axiata rose 22 sen to RM5.79 and helped power the KLCI up 4.37 points while Telekom added five sen to RM5.73.
CIMB rose six sen to RM7.87, pushing the KLCI up 1.05 points. Hong Leong Bank rose eight sen to RM13.10 but RHB Cap shed eight sen to RM7.48.
Kulim was the top gainer, adding 29 sen to RM5.32, KLK 28 sen to RM24.40 while TDM rose 21 sen to RM4.72 and MHC 17 sen to RM2.04. FGV rose four sen to RM5.46.
However, PPB lost 20 sen to RM15.80, Batu Kawan and IJM Plantations shed six sen each to RM18.72 and RM3.66.
Adventa surged 26 sen to RM1.87 on a takeover offer by its major shareholder and Aspion Sdn Bhd to acquire all of the business and undertakings for RM320.85mil or RM2.10 per share.
Naim Indah Corp was the most active with 68.79 million shares done, adding three sen to 33 sen.
Pharmaniaga seemed to have lost ground after its share price more than double in recent weeks. It fell 28 sen to RM10.08