Market in frenzy, volume at 1.34b shares midday

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KUALA LUMPUR: The market entered into a frenzy with trading volume surging to 1.34 billion units at the midday break on April 16, compared with 1.66 billion shares for the entire trading day on April 15. KNM saw 117.5 million shares done, Axiata-OR 62.8 million, Iris 40.8 million and SAAG 39.5 million traded by midday. There was also a lot of churning of penny stocks, which had been below the investors’ radar screens. At 12.30pm, the KL Composite Index had risen 6.13 points or 0.64% to 962.81. Turnover was 1.34 billion valued at RM821.75 million or an average of 61 sen per unit traded. There were 350 gainers, 247 losers and 210 counters unchanged. Asian markets rise with the Nikkei 225 up 0.31% to 8,770.23, Hang Seng Index 0.15% higher at 15,693.56 and Singapore’s Straits Times Index 0.43% up at 1,914.14 but Shanghai’s Composite Index fell 0.14% to 2,532.454. Light crude oil rose 58 cents to US$49.83 while crude palm oil futures fell RM24 to RM2,422. Tenaga powered the KLCI higher, registering gains of 30 sen to RM6.80, Bursa 20 sen to RM6.20, EON Cap 16 sen to RM3.46 and BCHB added 15 sen to RM7.85. SP Setia added 12 sen to RM3.34 and BHS also 12 sen higher to 55 sen while MFlour rose 11 sen top RM2.90. KNM rose one sen to 56 sen, Axiata-OR five sen to 61 sen, Iris one sen to 13.5 sen and SAAG 1.5 sen tp 23.5 sen. Hua Ann added one sen to 29 sen, UEM Land two sen to 98 sen, Gula Perak and Talam 0.5 sen higher to 5.5 sen and 5.5 sen. Sinora fell the most, down 26 sen to 35 sen with 2,000 shares done while KL Kepong and Batu Kawan lost 10 sen each to RM11.20 and RM8.30. Globalsoft lost 13 sen to five sen.