More in business

Business

Friday, 13 July 2018 | MYT 9:30 AM

Blue chips extend gains, Petronas stocks lead KLCI higher

KUALA LUMPUR: Blue chips rose early Friday, taking their gains to the second day but on a smaller scale, with Petronas Dagangan and Petronas Chemical among the top gainers.

At 9.15am, the KLCI was up 3.85 points or 0.23% to 1,707.42. Turnover was 311.65 million shares valued at RM173.21mil. There were 231 gainers, 129 losers and 191 counters unchanged.
Encouraging Malaysian investors were the key Asian markets.

Reuters reported Asian shares were higher following gains on Wall Street overnight, as concerns over an escalating US trade war with China took a breather.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2%, building on a 0.6% rise on Thursday, after U stocks ended the day higher. Australian shares also gained 0.2%, while Japan's Nikkei stock index was 1.2% higher.

At Bursa, Petronas  Dagangan rose 24 sen to RM25.24 and Petronas Chemical 17 sen to RM8.70.

Nestle was the top gainer, up 50 sen to RM148.50, BAT 40 sen to RM32.80 and Heineken 36 sen to RM23.30.

Lafarge rose 14 sen to RM3.19 as investors were unsurprised by news that its RM270mil contract to supply cement to the billion-ringgit East Coast Rail Link (ECRL) project has been suspended.

George Kent rose 11 sen to RM1.40, after hitting limit-up on Thursday as the smaller-scale light rail transit three (LRT 3) would still go ahead though the overall projects costs had been slashed by nearly half.

MRCB shed three sen to 71 sen and it was the most active with 51.5 million shares done.

Both GKent and MRCB were appointed the project delivery partner (PDP) for the LRT3 by Prasarana Malaysia Bhd in 2015.

Chip maker MPI was the top loser, down 10 sen to RM10.60 while CIMB lost six sen to RM5.57. Top Glove shed six sen to RM9.84.

JAKS Resources lost nine sen to RM1.19 after its unit failed to stop two financial institutions from releasing the RM50mil bank guarantees to Star Media Group Bhd for not delivering vacant possession on time.