KUALA LUMPUR (Feb 3): The main index of Bursa Malaysia had pared some its gains at the midday break today as index-linked glove makers ranked among the decliners, while regional bourses rallied.
At 12.30pm, the FBM KLCI was up 5.53 points at 1,586.02. The index earlier rose to a high of 1,593.46.
Gainers led losers by 624 to 410, while 419 counters traded unchanged. Trading volume was 3.16 billion shares valued at RM2.34 billion.
The gainers included Malaysian Pacific Industries Bhd, UWC Bhd, ViTrox Corp Bhd, Nestle (Malaysia) Bhd, Greatech Technology Bhd, KESM Industries Bhd, Mi Technovation Bhd, Pentamaster Corp Bhd and Toyo Ventures Holdings Bhd.
The actively traded stocks included Iris Corp Bhd. Greatech, Dagang NeXchange Bhd (DNeX), QES Group Bhd and Vizione Holdings Bhd.
The index rose to a high of 1,585.18 points earlier.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com the market was mainly lifted by heavyweights in the O&G and glove sectors due to higher oil prices and positive corporate results.
“The market was slightly on the positive note today, but we saw some profit-taking activities after news of the novement control order (MCO) being extended until Feb 18,” he said.
He expects the market to continue to be range-bound this week as the MCO expansion continues to curb market sentiment.
Across Bursa, 6.63 billion securities were traded for RM5.12 billion, compared with 6.53 billion securities worth RM6.37 billion last Friday.
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Toyo Ventures Holdings Bhd has entered into an investment and development agreement with its wholly-owned subsidiary Toyo Ink Group Bhd (TIGB) and also China Energy Engineering Investment Corporation Ltd (CEEIC) for the development of the Song Hau 2 Thermal Power Plant project in Vietnam.
In a filing with Bursa Malaysia today, Toyo Ventures said the agreement was aimed at providing a framework for a proposed divestment of the investment holding companys equity interest in TIGB to the Chinese state-owned CEEIC.
A substantive agreement will be finalised and executed within eight months from the date of the agreement, it said, adding that the 2x1,060 megawatt coal-fired power plant is located in Hau Giang province.
THE relatively low-profile Toyo Ventures Holdings Bhd recently came into focus for its US$3.23bil Vietnam power plant contract after a long 12-year wait.
The group surprised the market recently with an announcement that it had finally executed the build, operate and transfer (BOT) contract with Vietnam’s Ministry of Industry and Trade (MOIT) for the development of the US$3.23bil (RM13.05bil) Song Hau 2 Thermal Power Plant project. The project was first announced in 2008.
The project, known as the Song Hau 2 thermal power plant, involves two electricity generation facilities of 1,060MW each and will be developed on land of 117.39ha.