KUALA LUMPUR (Oct 31): Bursa Malaysia bucked the trend among key regional markets to be the only bourse to close higher, with local funds seen picking up selected index-linked stocks, including Tenaga Nasional.
The KLCI gained 10.89 points or 0.68% to close at 1,491.89 on Monday, the best month since July, after the weak start in the morning due to the Japanese yen intervention. Turnover was 1.33 billion shares valued at RM1.582 billion. Gainers beat losers 426 to 318, while 282 counters traded unchanged.
Acting head of equities at MIDF Research, Syed Muhammed Kifni Syed Kamaruddin said: "The KLCI underperformed during the past week with a gain of only 2.99% vis-a-vis other regional markets such as Jakarta, Thailand, Singapore and Hong Kong which jumped by between 5% and 11%.
"Hence it is not unusual to see the local market playing catch-up this week.”
Despite markets reacting adversely to the recent yen intervention by the Japanese government, Kifni believes that a weaker yen would benefit companies with yen-denominated liabilities such as Tenaga Nasional.
Tenaga Nasional rebounded after the midday close, up 28 sen from a low of RM5.70 to close at RM5.98, driving up the index 1.50 points.
"In addition, car importers and assemblers such as UMW and Tan Chong may also gain from cheaper imported vehicles and parts," he added.
The sombre mood was evident as key regional markets fell. Singapore's Straits Index was down 1.54% to 2,861.11, South Korea's Kospi fell 1.06% to 1,909.03, Hong Kong's Hang Seng 0.77% to 19,864.87, Japan's Nikkei 225 0.69% to 8,988.39 and the Shanghai Composite Index shed 0.21% to 2,468.25.
At Bursa Malaysia, the major gainers were timber-based Jaya Tiasa, Choo Bee, F&N, LPI and DiGi.
Jaya Tiasa rose 29 sen to RM5.70, Choo Bee 28 sen to RM1.70, F&N 22 sen to RM17.00, both LPI and DiGi rose 20 sen to RM13.22 and RM31.70 respectively.
CIMB and IOI Corp gained 11 sen each to RM7.57 and RM5.25 respectively, pushing the index up 3.52 points, while Genting and Public Bank was up 10 sen to RM10.76 and RM12.72 respectively to add 2.46 points to the index.
Among actively traded counters were JCY, MAA and Zelan all up by three sen to close at 60 sen, 51 sen and 39 sen respectively.
The KLCI gained 10.89 points or 0.68% to close at 1,491.89 on Monday, the best month since July, after the weak start in the morning due to the Japanese yen intervention. Turnover was 1.33 billion shares valued at RM1.582 billion. Gainers beat losers 426 to 318, while 282 counters traded unchanged.
Acting head of equities at MIDF Research, Syed Muhammed Kifni Syed Kamaruddin said: "The KLCI underperformed during the past week with a gain of only 2.99% vis-a-vis other regional markets such as Jakarta, Thailand, Singapore and Hong Kong which jumped by between 5% and 11%.
"Hence it is not unusual to see the local market playing catch-up this week.”
Despite markets reacting adversely to the recent yen intervention by the Japanese government, Kifni believes that a weaker yen would benefit companies with yen-denominated liabilities such as Tenaga Nasional.
Tenaga Nasional rebounded after the midday close, up 28 sen from a low of RM5.70 to close at RM5.98, driving up the index 1.50 points.
"In addition, car importers and assemblers such as UMW and Tan Chong may also gain from cheaper imported vehicles and parts," he added.
The sombre mood was evident as key regional markets fell. Singapore's Straits Index was down 1.54% to 2,861.11, South Korea's Kospi fell 1.06% to 1,909.03, Hong Kong's Hang Seng 0.77% to 19,864.87, Japan's Nikkei 225 0.69% to 8,988.39 and the Shanghai Composite Index shed 0.21% to 2,468.25.
At Bursa Malaysia, the major gainers were timber-based Jaya Tiasa, Choo Bee, F&N, LPI and DiGi.
Jaya Tiasa rose 29 sen to RM5.70, Choo Bee 28 sen to RM1.70, F&N 22 sen to RM17.00, both LPI and DiGi rose 20 sen to RM13.22 and RM31.70 respectively.
CIMB and IOI Corp gained 11 sen each to RM7.57 and RM5.25 respectively, pushing the index up 3.52 points, while Genting and Public Bank was up 10 sen to RM10.76 and RM12.72 respectively to add 2.46 points to the index.
Among actively traded counters were JCY, MAA and Zelan all up by three sen to close at 60 sen, 51 sen and 39 sen respectively.
