Small cap property stocks advance

KUALA LUMPUR: Small capitalised property stocks and lower liners advanced in the morning session on Aug 13 as investors bargain hunted for laggards which would benefit from an economic recovery and pick up in property.

The broader market reflected the brighter outlook as advancing counters beat decliners by a margin of 3.6 to 1, underpinned by nibbling of lower liners and penny stocks.
At 12.30pm, the FBM KLCI had risen 5.07 points to 1,185.61. Turnover was 580.79 million shares valued at RM771.39 million. There were 470 gainers,  133 losers and 199 counters unchanged.

Among the key Asian markets, Hong Kong's Hang Seng Index jumped 2% to 20,835.67, Japan's Nikkei 225 0.98% higher at 10,536.84, Singapore Straits Times Index added 1.58% to 2,611.95 and Shanghai's Composite Index down 0.4% to 3,100.39.

Crude palm oil futures fell RM2 to RM2,440 while light crude oil added 50 cents to US$70.66.

Among the major gainers in the 30-stock FBM KLCI were KL Kepong adding 32 sen to RM13.28 while Axiata and Maybank advanced five sen each to RM3.19 and RM6.60, Telekom four sen to RM3.04 and Sime Darby three sen to RM8.33.

Mudajaya surged to a historic high of RM3.39 after putting on a hefty 61 sen with 3.07 million shares done after CIMB Research upgraded its target price. Tasek advanced 29 sen RM3.90.

Among the smaller cap property counters, Guoco Land added 18 sen to RM1.33, IJM Land 15 sen to RM1.95 and IJM Land-WA 8.5 sen to 76.5 sen, Hunza Property 13 sen to RM1.64. TA added eight sen to RM1.26, Mulpha 1.5 sen to 56.5 sen and Talam 0.5 sen to 9.5 sen.

Cocoland, which manufactures and trades in processed and preserved foods, rose 14 sen to 99 sen.

KNM was the most active with 39.9 million shares done, adding 2.5 sen to 82 sen.

Aeon was the top loser, but in thin volume, down 18 sen to RM4.61, Tanjong and Petronas Gas 12 sen lower to RM15.50 and RM9.76 while F&N shed eight sen to RM9.80.