KUALA LUMPUR, Malaysia (July 1): At the lunch break, gains in Axiata Group Bhd, Digi.Com Bhd, and the lower liners offered Bursa Malaysia a much-needed boost. The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) climbed 7.45 points, or 0.4 percent, to 1,540.08 at 12.30 p.m., up from 1,532.63 at the closing on Wednesday.
During the morning trading session, the market bellwether opened 0.71 of a point higher at 1,533.34 and traded between 1,533.34 and 1,541.11.
Gainers outnumbered losers 449 to 327 on the broader market, with 395 counters unchanged, 994 untraded, and nine others suspended.
The company sold 2.74 billion units worth RM1.35 billion.
Axiata was one among the top three gainers among the heavyweights, up seven sen to RM3.81, while Digi climbed four sen to RM4.17.
Digi’s shares fell 3% yesterday, according to Bank Islam Malaysia Bhd economist Adam Mohamed Rahim, therefore the upswing today could be attributable to bargain buying.
Investors are also expecting a good synergy from the Digi-Celcom combination, he told Bernama.
“For example, through cost synergies, including savings from network-related capital investment and expenses, Axiata has shared an anticipated value accretion of RM8 billion (on a net present value basis),” he said.
Meanwhile, he predicted that investors’ reactions to today’s Organization of Petroleum Exporting Countries and Allies (OPEC+) meeting to decide on the next phase of production strategy would be divided.
“Any more relaxation in oil output could lower oil prices, which would be terrible for oil and gas counters,” he said.
Aside from Axiata and Digi, heavyweights IHH Healthcare Bhd increased by 10 sen to RM5.57, Sime Darby Plantation Bhd increased by 11 sen to RM4.09, CIMB Group Holdings Bhd increased by four sen to RM4.65, and Genting Malaysia Bhd increased by six sen to RM2.83.
Serba Dinamik Holdings Bhd gained 1.5 sen to 34.5 sen, Sarawak Consolidated Industries Bhd gained 13 sen to RM64.5 sen, and Sedania Innovator Bhd gained 11.5 sen to 84 sen among the actives.
The FBM Emas Index increased 43.99 points to 11,200.21, the FBMT 100 Index increased 42.84 points to 10,917.93, and the FBM Emas Shariah Index increased 43.8 points to 12,222.08.
The FBM ACE increased by 145.39 points to 7,094.73, while the FBM 70 increased by 17.78 points to 14,496.77.
The Financial Services Index increased by 73.66 points to 15,171.97, the Industrial Products and Services Index increased by 0.4 point to 186.7, and the Plantation Index increased by 46.04 points to 6,447.52./n
