Genting drives KLCI higher in early trade

KUALA LUMPUR: Fund buying of Genting Bhd
pushed Malaysia's FBM KLCI higher in early trade on Wednesday as the
firmer overnight close on Wall Street and regional markets underpinned
investors' sentiment.
At 9.07am, the FBM KLCI was up 2.38 points
to 1,702.77. Turnover was 27.44 million shares valued at RM23.27mil.
There were 87 gainers, 32 losers and 80 stocks unchanged.
Bloomberg reported most Asian stocks gained after US home sales increased and Apple Inc. boosted its dividend.
At Bursa Malaysia, JF Apex Research
said despite the 6.29 points decline to 1,700.39 on Tuesday, it
expected the 30-stock index to continue hovering below its resistance of
1,717.
"The local market could be positive today following the bullish performance in US markets," it said.
Stock
market data showed foreigners were net buyers of Malaysian equities
totaling RM103.60mil on Tuesday while local institutions were net
sellers at RM75.60mil and retail investors net sellers at RM28mil.
Genting was the top gainer, adding 22 sen to RM10.22, HLFG added 10 sen to RM15.10 while UMW gained eight sen to RM13.48. Nestle rose 20 sen to RM62 and Petronas Gas 14 sen higher at RM19.40 with just 100 shares done.
However, plantations fell, with KLK down 16 sen to RM21.14 with 100 shares done, Keck Seng 11 sen to RM4.92 and IOI Corp six sen to RM4.90 while TDM shed four sen to RM4.35.