KUALA LUMPUR, July 1 ― Gains in Axiata, Digi and the lower liners gave a much-needed boost to Bursa Malaysia at lunch break.
At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 7.45 points or 0.4 per cent to 1,540.08 from Wednesday’s close of 1,532.63.
The market bellwether opened 0.71 of-a-point higher at 1,533.34 and moved between 1,533.34 and 1,541.11 throughout the morning trading session.
On the broader market, gainers outpaced losers 449 to 327, while 395 counters were unchanged, 994 untraded and nine others suspended.
Turnover stood at 2.74 billion units valued at RM1.35 billion.
Axiata was among the top three gainers among the heavyweights after its shares rose by seven sen to RM3.81, while Digi added four sen to RM4.17.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim noted that Digi’s shares dropped by 3.0 per cent yesterday, so its uptrend today could due to bargain buying.
Speaking to Bernama, he said investors are also expecting a strong synergy from the Digi-Celcom merger.
“For instance, Axiata has shared an estimated value accretion of RM8 billion (on net present value basis) through cost synergies, including savings from network-related capital expenditure and expenses,” he said.
Meanwhile, he said that the Organisation of Petroleum Exporting Countries and allies (Opec+) meeting to decide on the next phase of production policy today could see mixed reactions among investors.
“Further ease in oil production could push down oil price, which is bad for oil and gas counters,” he noted.
Aside from Axiata and Digi, heavyweights IHH added 10 sen to RM5.57, Sime Darby Plantation gained 11 sen to RM4.09, CIMB was four sen better at RM4.65 and Genting Malaysia rose six sen to RM2.83.
Of the actives, Serba Dinamik improved 1.5 sen to 34.5 sen, Sarawak Consolidated expanded 13 sen to RM64.5 sen, and Sedania surged 11.5 sen to 84 sen.
On the index board, the FBM Emas Index recovered 43.99 points to 11,200.21, the FBMT 100 Index added 42.84 points to 10,917.93, and the FBM Emas Shariah Index rose 43.80 points to 12,222.08.
The FBM ACE jumped 145.39 points to 7,094.73 and the FBM 70 was 17.78 points higher at 14,496.77.
Sector-wise, the Financial Services Index edged up 73.66 points to 15,171.97, the Industrial Products and Services Index was 0.40 of-a-point better at 186.70, and the Plantation Index rose 46.04 points to 6,447.52. ― Bernama
