KLCI steady, buoyed by PetDag, Genting

KUALA LUMPUR: Stocks on Bursa Malaysia were slightly higher in mid-morning trade on Friday, underpinned by gains in Petronas Dagangan and Genting but Maxis was among the biggest decliners.

At 10.36am, the FBM KLCI was up just 0.89 of a point to 1,624.80. Turnover was 273.28 million shares valued at RM336.63mil. There were 251 gainers, 201 losers and 281 counters unchanged.

Asian shares rallied, led higher by a strong result from smartphone maker Samsung Electronics, after the European Central Bank boosted market sentiment and steadied the euro by signalling its resolve to defend the euro zone, Reuters reported.

The wire reported quoted analysts saying Draghi's comments, coming ahead of the bank's policy-setting meeting next week, could signal a resumption of the ECB's sovereign bond-buying scheme known as the Securities Markets Programme which has not been used for months.

At Bursa Malaysia, PetDag rose 28 sen to RM21.28, Nestle 20 sen to RM59.92, Dutch Lady 16 sen to RM35.96, Genting 14 sen to RM9.25 and BAT 10 sen to RM59.46.

IHH rose three sen to RM3.18 with 13.41 million shares done, the third straight days of gains after its dual listing on Bursa Malaysia and Singapore Exchange. Its institutional price was RM2.80.

Among the plantations, KLK fell 18 sen to RM23.32, PPB 12 sen to RM15.28 and FGV five sen to RM5.14.

Maxis fell 15 sen to RM6.39 with 7.56 million shares done. Reuters reported tycoon T. Ananda Krishnan was selling up to 375 million shares worth around RM2.35bil.

Profit taking saw TM falling eight sen to RM5.66 and its call warrants TM-CQ 12.5 sen to 31 sen.

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