Tenaga Powers Bursa Higher, Boost From Positive China Data

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Bursa Malaysia extended its gains on the final trading day of April, as investor sentiment was underpinned by the strong overnight close on Wall Street and positive China economic data.

At 9.23am, the FBM KLCI was up 10.70 points or 0.78% to 1,391. Turnover was 791.77 million shares valued at RM329.14mil. There were 428 gainers, 98 losers and 213 counters unchanged.

Asian stocks amid optimism from corporate results and signs of progress in treating the coronavirus. The dollar held this week’s retreat, Bloomberg reported.

Japanese shares climbed about 2%, while gains were more modest in Sydney, with Hong Kong and Seoul shut for a holiday.

Aiding market sentiment was China’s services activity expanded at a faster pace in April, but business is expected to take some time to fully recover due to the lingering impact from the coronavirus crisis at home and globally, Reuters reported.

The official non-manufacturing Purchasing Managers’ Index (PMI) rose to 53.2, from 52.3 in March, the National Bureau of Statistics said on Thursday. The 50-point mark separates growth from contraction on a monthly basis.

At Bursa on Wednesday, retail investors were net buyers at RM23mil while local institutions were net sellers at RM22.2mil and foreign funds at RM800,000.

Rakuten Trade anticipated the KLCI to test the 1,400 level but it also continued to advise caution as it envisaged a plethora of bear traps as the higher the market, the more susceptible it will be to negative news.

At Bursa, power giant Tenaga rose 24 sen to RM12.34.

F&N rose 80 sen to RM32, Dutch Lady 48 sen to RM48, Heineken 30 sen to RM24.20 and BAT 24 sen to RM12.64.

KL Kepong was the top gainer among plantations, up 30 sen to RM20.94 while among the energy stocks, Petronas Dagangan climbed 26 sen to RM20.46.

As for tech and semicon-related stocks, Dufu advanced 22 sen to RM3.87 and MPI 18 sen to RM10.80.

Source TheStar

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