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The Star Online: Business

Tenaga surges to Sept 2007 high of RM7.84
Tenaga advances, KLCI rallies on with eye on 1,700
Asian shares mark time before banks, U.S. jobs data

Tenaga surges to Sept 2007 high of RM7.84

Posted: 02 Apr 2013 06:43 PM PDT

Published: Wednesday April 3, 2013 MYT 9:44:00 AM
Updated: Wednesday April 3, 2013 MYT 10:15:34 AM

KUALA LUMPUR: Shares of Tenaga Nasional surged to a high of RM7.84 in early trade on Wednesday, the highest since September 2007, on strong follow-through fund buying on an upbeat outlook for its prospects.

At 9.33am, Tenaga was up 23 sen to RM7.82. There were 5.08 million shares done at prices ranging from RM7.60 to RM7.84.

The FBM KLCI was up 6.28 points to 1,691.28. Turnover was 108.38 million shares done valued at RM187.09mil. There were 186 gainers, 107 losers and 171 stocks unchanged.

The gains on the KLCI were driven by Tenaga, which has a weight of 5.85% of the 30-stock index.

CIMB Equities Research is maintaining its Trading Buy recommendation on Tenaga Nasional with an unchanged target price of RM8.55.

It said on Wednesday Tenaga's price surged by 5.12% on Tuesday on 27 million shares traded or 4.5 times its year-to-date daily average.

"This is a positive surprise as elections may impact the stock. Even so, its prospects are bright as tariffs could rise post elections and a stabilisation fund could be created by end-2013," it said.

Tenaga advances, KLCI rallies on with eye on 1,700

Posted: 02 Apr 2013 06:18 PM PDT

Published: Wednesday April 3, 2013 MYT 9:19:00 AM

KUALA LUMPUR: Malaysia's blue chips rose in early trade on Wednesday, with Tenaga and Genting Bhd among the top gainers as the FBM KLCI extended its gains for the second day.

At 9.01am, the KLCI was up 4.86 points to 1,689.86. Turnover was 19.54 million shares valued at RM27.05mil. Advancers beat decliners with three to one, with 86 gainers to 28 losers.

JF Apex Research said the KLCI, which rallied 17.39 points to 1,685 following a surge in the afternoon session, could test its resistance of 1,700 and attempt a new historical high.

Lafarge was the top gainer, up 10 sen to RM10 but with only 100 shares done. Tenaga continued its climb, rising nine sen to RM7.68 while Genting gained eight sen to RM10.18.

Among the financial-related stocks, HLFG added eight sen to RM15.08, CIMB seven sen to RM7.72 and AmBank five sen to RM6.64. Public Bank foreign shares rose six sen to RM16.44.

BAT, which surged on Tuesday, continued to rise with its shares price gaining eight sen to RM63.78. MISC rose five sen to RM5.42.

Asian shares mark time before banks, U.S. jobs data

Posted: 02 Apr 2013 06:09 PM PDT

TOKYO: Asian shares were effectively flat in Wednesday morning trade, cautiously marking time before key U.S. jobs data and news from central bank policy meetings in Japan and Europe later in the week.

The MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.1 percent, helped by a 0.3 percent rise in Australian shares .AXJO and as the Standard & Poor's 500 Index .SPX neared its all-time high the previous session.

South Korean shares .KS11 opened 0.2 percent higher.

The key monthly U.S. nonfarm payrolls report on Friday will likely confirm market views that the Federal Reserve will wish to maintain its extremely accommodative monetary policy, which underpinned investor sentiment and sharpened risk appetites.

Analysts expect 200,000 jobs were added to payrolls last month and the unemployment rate to hold steady at 7.7 percent, far above the Fed's desired 6.5 percent goal that would prompt a change in its current policy stance.

Ahead of the payrolls, data on private-sector hiring by payrolls processor ADP is due later this session, followed by Thursday's latest weekly jobless claims.

Tuesday's data showed new orders for U.S. factory goods rose sharply in February but a gauge of planned business spending slipped, suggesting factory activity continued to expand at a moderate pace. Earlier this week, the Institute for Supply Management's index of national factory activity fell in March.

"We get a sense that the U.S. economy is not running ahead of itself but is growing ... a rather familiar but nonetheless solidly asset-friendly set of figures," Kit Juckes, strategist at Societe Generale, said in a note to clients.

"The 'gentle recovery and mad money' combination which has been driving markets is intact, risk is quietly 'on' in credit and stocks ... and it all contrasts dramatically with Euro-shambles."

The euro held steady around $1.2819, struggling to move far away from a four-month low of $1.2750 touched last week, as the currency remained pressured by concerns about bailout consequences in Cyprus and weak euro zone economies.

Markit's Euro zone Manufacturing PMI fell in March to 46.8 from 47.9 in February, the 20th straight month that the index has come in below the 50 mark that separates growth and contraction, boosting expectations that European Central Bank President Mario Draghi could offer a dovish tone at the ECB's policy meeting on Thursday.

Cyprus on Tuesday concluded a 10 billion euro rescue deal with international lenders in which big depositors took massive losses.

The Bank of Japan will start its two-day policy meeting later in the day, the first under the new governor Haruhiko Kuroda. Market expectations have been running high for Kuroda to announce at his inaugural policy meeting an increase in bond purchases and a lengthening in the maturities of bonds the BOJ intends to buy.

The Nikkei stock average .N225 opened up 0.9 percent after tumbling to a one-month low on Tuesday. .T

The dollar was down 0.1 percent against the yen at 93.31, but off a one-month low of 92.57 yen touched on Tuesday. The euro was down 0.1 percent against the yen at 119.63, hovering near its lowest since February 26 of 119.15 yen seen on Tuesday.

U.S. crude futures fell 0.4 percent to $96.78 a barrel. - Reuters

Kredit: www.thestar.com.my

Selasa, 2 April 2013