KUALA LUMPUR: Asian stock markets traded broadly higher despite Wall Street's overnight losses. Investors have been reacting more calmly to negative developments in the US in recent days. However, many remain cautious on the outlook in the near term.
Sentiment on the Bursa Malaysia was also firmer Wednesday. The KL Composite Index opened marginally higher but gained traction as the day progressed. Market breadth stayed mostly in positive territory while volume also improved.
Gains by index heavy weight, Telekom Malaysia led the closely monitored KLCI higher. The stock gained more than 16% on its reference price RM3.05 after going ex-entitlement for the distribution of TM International shares.
Following the demerger exercise, TM will be principally involved in the domestic fixed line telephony business. Its cellular and international businesses will now be housed under TM International. Shares for TMI start trading on the local bourse next Monday. Its reference price is set at RM7.85.
Telekom was also the day's most actively traded stock. Market volume increased to nearly 922 million shares, the highest level in more than three weeks. Other actively traded counters include JAKS Resources, MRCB, PECD, Time dotCom and Scomi.
The KLCI ended the day almost nine points higher at 1,288.2 points. Local stock exchange operator, Bursa Malaysia, was among the big gainers for the day. The shares added 20 sen to close at RM9.10. Other big gainers include Batu Kawan, Ta Ann, Petronas Dagangan, Kulim, Lafarge Malayan Cement and UMW Holdings.
At the close, gaining stocks outnumbered losing ones by a ratio of well over eight to three. Shares for DiGi succumbed to profit taking following recent gains. The stock dropped 70 sen to RM23.90. Other notable losers were BAT, Tanjong plc, MISC and Public Bank. YTL Corp shares too closed lower after the government shelved plans for a bullet train between Kuala Lumpur and Singapore on rising capital costs.
No comments:
Post a Comment