Thursday 28 Mar 2024
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KUALA LUMPUR: Genting resumed its upward trend to hit an 18-month of RM6.94 at the midday break on Sept 4 while rising interest was seen in financials especially RHB Cap, Maybank and Bursa.

The broader market was mixed with some profit taking seen in yesterday's gainers, while mild rotational interest was seen in Proton.

At 12.30pm, the FBM KLCI rose 3.93 points to 1,177.59. Turnover was 285.6 million shares valued at RM420.13 million. There were 240 gainers, 232 losers and 221 stocks unchanged.

Hong Kong's Hang Seng Index rose 0.5% to 19,867.37 and Shanghai's Composite Index advanced 0.2% to 2,850.75 but Japan's Nikkei 225 fell 0.18% to 10,196.43 and Singapore's Straits Times Index shed 0.2% to 2,594.01.

Light crude oil rose 29 cents to US$68.25 while crude palm oil futures fell RM3 to RM2,207.

At Bursa, Genting rise 13 sen to RM6.94 after the previous day's gains of 36 sen, pushing the stock price to its highest since February 2008. The share price was driven by speculation that the Singapore casino resort would open earlier.

However, more relevant would be an upgrade by Macquarie Research on Sept 2 which had raised the target price from RM7.50 to RM9.50. It also raised Genting's earnings estimates for FY10 by 20%.

At the current price of RM6.94, it is trading at a lofty price-to-earnings of 94.45 times compared with the average 38.51 times. Genting Malaysia is trading at a P/E of 28.94 times and Berjaya Sports Toto 28.94 times.

Other gainers were Far East, adding 50 sen to RM6.50 with 8,000 shares done, Dutch Lady 24 sen higher to RM11.34 while Proton rose 10 sen to RM3.19. E&O rose just one sen to RM1.48, off the early high of RM1.53.

RHB Cap added 11 sen to RM4.88, Bursa and Maybank eight sen each to RM7.67 and RM6.48.

KNM was the most active with 16.5 million shares done, easing 0.5 sen to 74 sen.

BAT was the top loser, down 58 sen to RM45 while investors switch to JTI, which said the share price rising seven sen to RM4.75.

MSC fell 40 sen to RM2.92, Pharmaniaga 30 sen to RM4 while Tanjong added 22 sen to RM15.52. UBG came under some profit taking, slipping 12 sen to RM2.87. Yesterday, it rose 21 sen.

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