KUALA LUMPUR (March 5): The KLCI got off on a firm start on Monday, with the 30-stock index nearing the all-time high of 1,594 reached in July 2011.
The advance in the KLCI was driven by heavyweights Sime Darby and CIMB, as they extended their gains from last week on buying by fund managers following more upside for both companies.
At 10.49am, the KLCI was up 8.87 points to 1,592.65. Turnover was 496.51 million shares valued at RM444.84 million. There were 363 gainers, 209 losers and 268 stocks unchanged.
Maybank Investment Bank Research said it was lifting 2012 year-end KLCI target to 1,565 on raised market earnings post 4Q11 corporate results reporting and after imputing a higher crude palm oil average selling prices expectation.
“While corporate earnings outlook seems to have stabilised and a crisis appears to have been averted in the Eurozone, rising crude oil prices is a new concern, while on the domestic front, the 13th general election will lend to cautiousness,” it said.
Aeon was the top gainer, up 38 sen to RM9.38 while Tasek added 30 sen to RM9.11 and Oriental Holdings 25 sen to RM6.47. Other gainers were Can-One, up 20 sen to RM1.99, Panasonic 16 sen to RM22.16 and GAB 14 sen to RM13.64.
Sime Darby rose 16 sen to RM10.14 and CIMB 15 sen to RM7.48.
JP Morgan Research said Sime Darby remained its top large-cap Asean PLANTATION []s pick. It said Sime's 2QFY12 core net profit of RM1.032 billion (up 18% on-year) came in 12% ahead of consensus expectations of RM922 million.
Last Thursday, CIMB had signed an MoU for the proposed acquisition of cash equities, equity capital markets and corporate finance businesses of The Royal Bank of Scotland in Asia Pacific.
The advance in the KLCI was driven by heavyweights Sime Darby and CIMB, as they extended their gains from last week on buying by fund managers following more upside for both companies.
At 10.49am, the KLCI was up 8.87 points to 1,592.65. Turnover was 496.51 million shares valued at RM444.84 million. There were 363 gainers, 209 losers and 268 stocks unchanged.
Maybank Investment Bank Research said it was lifting 2012 year-end KLCI target to 1,565 on raised market earnings post 4Q11 corporate results reporting and after imputing a higher crude palm oil average selling prices expectation.
“While corporate earnings outlook seems to have stabilised and a crisis appears to have been averted in the Eurozone, rising crude oil prices is a new concern, while on the domestic front, the 13th general election will lend to cautiousness,” it said.
Aeon was the top gainer, up 38 sen to RM9.38 while Tasek added 30 sen to RM9.11 and Oriental Holdings 25 sen to RM6.47. Other gainers were Can-One, up 20 sen to RM1.99, Panasonic 16 sen to RM22.16 and GAB 14 sen to RM13.64.
Sime Darby rose 16 sen to RM10.14 and CIMB 15 sen to RM7.48.
JP Morgan Research said Sime Darby remained its top large-cap Asean PLANTATION []s pick. It said Sime's 2QFY12 core net profit of RM1.032 billion (up 18% on-year) came in 12% ahead of consensus expectations of RM922 million.
Last Thursday, CIMB had signed an MoU for the proposed acquisition of cash equities, equity capital markets and corporate finance businesses of The Royal Bank of Scotland in Asia Pacific.
