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Plantations, Maxis push KLCI to record high close
by hlk Thu 05 Dec 2013, 17:43
KUALA LUMPUR: Fund buying of key plantations and Maxis pushed the FBM KLCI to its highest close at 1,824.86 on Thursday though the broader market was mixed.
At 5pm, the KLCI was up 2.96 points to 1,824.86, a marginal increase from the recent record high of 1,824.29 on Monday.
However, turnover was thin with 1.18 billion shares valued at RM1.81bil. There were 339 gainers, 385 losers and 326 counters unchanged.
Plantations were in the focus on the upbeat outlook for crude palm oil going into 2014.
United Plantations rose 40 sen to RM26.50, KL Kepong added 40 sen to RM24.40, Genting Plantations 36 sen to RM11.04 while IOI Corp rose 12 sen to RM5.80 and FGV 10 sen to RM4.59.
Maxis was in focus, rising 21 sen to RM7.21 as the telco was expected to increase its capital expenditure to support its data strategy.
UOB Kay Hian Malaysia Research said that Maxis’ capex had fallen to RM803mil in 2012 (9% of revenue) from RM1.44b (16%) and RM1.02b (12%) in 2011 and 2012 respectively.
“We estimate Maxis will invest RM858mil in 2013 and RM1.05bil in 2014, representing 9% and 11% of revenues respectively. The additional capex in 2014 is intended to improve the quality of services and for better coverage, including for in-building connectivity,” said the research house.
At 5pm, the KLCI was up 2.96 points to 1,824.86, a marginal increase from the recent record high of 1,824.29 on Monday.
However, turnover was thin with 1.18 billion shares valued at RM1.81bil. There were 339 gainers, 385 losers and 326 counters unchanged.
Plantations were in the focus on the upbeat outlook for crude palm oil going into 2014.
United Plantations rose 40 sen to RM26.50, KL Kepong added 40 sen to RM24.40, Genting Plantations 36 sen to RM11.04 while IOI Corp rose 12 sen to RM5.80 and FGV 10 sen to RM4.59.
Maxis was in focus, rising 21 sen to RM7.21 as the telco was expected to increase its capital expenditure to support its data strategy.
UOB Kay Hian Malaysia Research said that Maxis’ capex had fallen to RM803mil in 2012 (9% of revenue) from RM1.44b (16%) and RM1.02b (12%) in 2011 and 2012 respectively.
“We estimate Maxis will invest RM858mil in 2013 and RM1.05bil in 2014, representing 9% and 11% of revenues respectively. The additional capex in 2014 is intended to improve the quality of services and for better coverage, including for in-building connectivity,” said the research house.
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