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Monday, April 3, 2017

Market Daily Report: KLCI up on bargain-hunting for AMMB while Eco World International rises on Bursa debut

KUALA LUMPUR (April 3): The FBM KLCI rose 5.4 points or 0.3% as investors bargain hunted for index-linked shares like AMMB Holdings Bhd while Bursa Malaysia penny stocks hogged the limelight.

Crucial highlights in the Malaysian stock market today included Eco World International Bhd's listing on Bursa Malaysia as the FBM KLCI rose with Asian share markets.
At 5pm, the KLCI closed at 1,745.49 points. Bursa Malaysia saw 3.24 billion shares worth of RM2.55 billion traded.

“If you look at the value of the trade (across Bursa Malaysia), which is lower than the volume, it indicates that most of the penny counters are being traded. I think a lot of the retail investors are just following the trend right now,” Mercury Securities Sdn Bhd research head Edmund Tham said.

Across Bursa Malaysia, there were 499 gainers and 430 decliners AMMB added 20 sen to RM4.85 to become Bursa Malaysia's ninth-largest gainer after falling last Friday to RM4.65.

Today, Eco World International shares and warrants were closely watched. The shares rose eight sen to RM1.28 while the warrants added 30 sen to 30.5 sen.

Eco World International shares were the most active across Bursa Malaysia. Eco World International warrants were the sixth-largest gainer.

Bursa Malaysia penny stocks hogged the spotlight. Notable ones included Borneo Oil Bhd, which closed unchanged at 19 sen and Dataprep Holdings Bhd, which added two sen to 58.5 sen.
Malaysian shares tracked Asian equity gains. Japan's Nikkei 225 gained 0.39% while Hong Kong's Hang Seng was 0.62% higher.

Reuters reported that Japanese stocks edged up on Monday though were some distance from recouping losses suffered last week, with an upbeat Bank of Japan survey failing to overcome lingering worries about the outlook for exporters.

Source: The Edge

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