Thursday 28 Mar 2024
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KUALA LUMPUR: Penny property stocks were in focus by the midday break on June 12, with trading interest supported mainly by day traders and retail investors, especially in the absence of strong corporate news flow for some of the counters.

Of the top 10 most active stocks, eight were counters linked to property. They were Talam, L&G, AsiaPac, Olympia, Mulpha, Karambunai, AMDB and Duta Land.

Interest could be linked to KYM after  it announced plans to dispose of its Lumut land to South Africa’s Vale International for RM102 million. KYM surged 28 sen to 79 sen with 680,500 units transacted.

At 12.30pm, the KL Composite Index was up 2.91 points to 1,091.67. Turnover was 1.17 billion units valued at RM915.32 million. There were 400 gainers to 228 losers and 243 stocks unchanged.

Among key regional markets, Hong Kong’s Hang Seng Index rose 1.23% to 19,022.46, Japan’s Nikkei 225 1.47% higher at 10,128.37 but Shanghai’s Composite Index shed 0.59% to 2,780.89 and Singapore’s Straits Times Index eased 0.11% to 2,379.12.

Light crude oil slipped 24 cents to US$72.44 while crude palm oil third-month futures fell RM1 to RM2,494.

At Bursa, Talam was the most active with 44.3 million shares done, rising 0.5 sen to 12 sen. L&G, which had last week proposed to reduce the par value of its RM1 shares to 20 sen, rose 3.5 sen to 30.5 sen.

AMDB rose three sen to 24 sen, Mulpha two sen to 60 sen, AsiaPac added 1.5 sen to 13.5 sen, DutaLand one sen to 72 sen and Olympia 0.5 sen to 32.5 sen.

EON Cap was the top gainer, surging 58 sen to RM4.70, Maybank added 20 sen to RM5.90 and Tasek 16 sen to RM3.92.

Top Glove advanced 20 sen to RM6.25 on expected higher demand for its gloves after the World Health Organisation declared the flu as pandemic.

BAT fell the most, down 75 sen to RM44, DiGu 40 sen to RM21.80, MISC 25 sen lower to RM8.50 while KL Kepong and Genting shed 10 sen each to RM11.90 and RM5.80.

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