Thursday 28 Mar 2024
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KUALA LUMPUR: Shares trading at Bursa eased yesterday, with mild profit-taking by investors seen, following strong gains on the bourse last week. The extended gains on Wall Street could provide some confidence to local investors about a recovering economy.

Among the stocks to watch is Tenaga, which is scheduled to announce its results after market close and analysts see more upside for the company in expectations of a tariff review and fresh coporate news from the Bakun submarine power cable to the peninsula.

The Cabinet meets today and among the issues to be discussed could be a proposal to hike electricity rates, in tandem with the increase in the gas which Petroliam Nasional supplies to the power giant.

Astro would likely continue to attract market attention, as the group is evaluating various proposals to improve its capital and operating structure. Astro fell 14 sen to close at RM3.28.

On Monday, the group said it has received a number of proposals from its advisers, and does not rule out a divestment or expansion. The Edge weekly reported Astro is considering a major restructuring exercise that will see the company hiving off its 20% stake in Indian associate Sun Direct TV to two of its largest shareholders, Usaha Tegas Sd Bhd and Khazanah Nasional Bhd and return some cash to shareholders.

In the past two days of trading, Astro fell a total of 34 sen, more than last week's gains, after the counter resumed trading following a suspension of trading on Monday morning.

Meanwhile, crude palm oil prices (CPO) fell another RM17 to close at RM2,143 from RM2,160 on Monday, mainly due to profit-taking in the past two days and speculation that demand growth for food and fuel may slow.

However, several plantation counters rose, including PPB Group Bhd, which posted record high of RM13 yesterday, up 40 sen from Monday's close. Kuala Lumpur Kepong Bhd also rose 20 sen to close at a an 11-month high of RM12.30.

IOI Corporation Bhd climbed four sen to RM4.84, while Batu Kawan Bhd, Kulim (M) Bhd and IJM Plantation Bhd rose five sen to RM8.85, RM7.10 and RM2.80 respectively.

Far East Holdings Bhd, Genting Plantations Bhd and Sime Darby Bhd remained unchanged at RM6.20, RM5.60 and RM7.55 respectively.

KPS and Gamuda are also expected to attract interest after Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH) accepted has accepted the Selangor government's third and revised offer for its water-related assets and operations, subject to several conditions.

KPS owns 30% of SPLASH and Gamuda Bhd 40%.

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