KUALA LUMPUR (Feb 20): Blue chips including Nestle (Malaysia) Bhd, Public Bank Bhd, and Dutch Lady Milk Industries Bhd which hit record high, and other stocks were buoyed amid the festivities as heavy institutional buying rang the tills.
"Investors are anticipating better earnings results that are due this week, said Rakuten Trade Sdn Bhd vice president Vincent Lau.
“Some of the big cap stocks have been doing well for the longest time. Investors expect a good performance in their results. We can see that most of the stocks are benefiting from net foreign buying,” he told theedgemarkets.
At 11.05am, top gainer Nestle rose 70 sen or 0.58% to RM121.10 with 20,200 shares done for a market capitalisation of RM28.39 billion.
Dutch Lady climbed 18 sen or 0.28% to RM65 with 1,700 shares traded, valuing the company at RM4.14 billion.
Cocoaland Holdings Bhd jumped 18 sen or 7.44% to RM2.60 with 5,200 shares done for a market capitalisation of RM594.88 million.
Ajinomoto grew 10 sen or 0.48% to RM20.70 with 11,600 shares traded for a market capitalisation of RM1.25 billion.
KESM Industries Bhd rose 50 sen or 2.5% to RM20.50 with 17,000 shares done for a market capitalisation of RM875.77 million.
Malaysian Pacific Industries Bhd climbed 36 sen or 4.01% to RM9.34 with 184,000 shares exchanged, valuing the company at RM1.78 billion.
Public Bank grew to a record high of RM22.06 after rising eight sen or 0.36% with 842,300 shares transacted for a market capitalisation of RM85.64 billion.
Hong Leong Industries Bhd also hit record high, having risen 26 sen or 2.48% to RM10.76 with 25,300 shares done for a market capitalisation of RM3.35 billion.
Carlsberg Brewery Malaysia Bhd, which posted strong fourth quarter earnings last week, rose 12 sen or 0.67% to a record high of RM17.92 with 58,300 shares exchanged for a market capitalisation of RM5.5 billion.
Hengyuan Refining Co Bhd went up 16 sen or 1.06% to RM15.18 with 2.67 million shares transacted for a market capitalisation of RM4.59 billion.
SJ Securities Sdn Bhd senior remisier Goh Kay Chong said after the recent fall (two weeks ago), retailers are of the opinion that blue chips are safer.
“They feel that it will be well-supported by funds, so they reshuffle their portfolio and buy blue chips,” Lau said.