Parliament dissolved on Feb 13

KUALA LUMPUR: The market extended its gains in morning trade on Feb 13, with the KLCI hitting a high of 1,433, lifted by plantations stocks, ahead of the Prime Minister’s announcement that Parliament was dissolved for the general elections.



The Prime Minister Datuk Seri Abdullah Ahmad Badawi's announcement surprises many. Deputy Prime Minister Datuk Seri Najib Tun Razak stood beside the Prime Minister.



At 12.30pm, the KLCI had risen 10.61 points to 1,428.13 points, the FBM Emas added 72.20 points to 9,672.45 points while the FBM Second Board eased 0.30 points to 6,638.40 points.

Turnover was at 515.08 million shares valued at RM1.02 billion. There were 319 gainers, 277 losers and 254 counters traded unchanged.

Asian markets were mixed. China markets fell when they resumed trading, with Shanghai A Share down 67 points or 1.4% to 4,59.76 points. Hong Kong’s Hang Seng Index jumped 466 points or 2.04% to 23,388.3 points, Singapore’s STI added 1.7% to 2,976.04 points, but South Korea’s Kospi fell 0.18% to 1,640.37 points.

US crude oil was trading at US$92.80 per barrel.

The ringgit was quoted RM3.232 to the US dollar.

At Bursa, heavyweight Maybank rose 10 sen to RM12.20, Telekom added 10 sen to RM11.70 while Tenaga was unchanged at RM9.20 while

Stocks in the UEM Group rose ahead of an announcement from UEM World that it would propose a material corporate exercise which would involve a significant change in the business direction of UEM World. The stocks are suspended in the afternoon until Friday.

“This proposed corporate exercise will also involve the securities of its listed subsidiaries, namely, UEM Builders, Opus Group, Pharmaniaga and Cement Industries of Malaysia,” it said.

UEM World rose 12 sen to RM4.12, CIMA added 25 sen to RM2.98 while Pharmaniaga jumped 68 sen to RM3.78 with 100 shares done. CCM added 25 sen to RM2.98.

KL Kepong added 50 sen to RM18.60, United Plantations 20 sen to RM13.70, Public Bank foreign 20 sen to RM11.50. Tanjong, Panasonic Malaysia and Zelan fell 20 sen each to RM15.90, RM11.50 and RM4.74 respectively.

When the market opened in the afternoon, many of the GLC are down, such as MRCB down 11 sen to RM 2.76, Timecom down 3 sen to 0.69, Equine down 14 sen to 2.01, KPS down 12 sen to 3.76, Bursa down 20 sen to 12.70, Time down 2.5 sen to 0.56, KUB down 2 sen to 0.895.

The KLCI started dropping in the afternoon, but rose 5.63 points to 1423.15, supported by blue chip advances. The broader market was softer with 561 decliners leading 273 risers.