#Market Close* KLCI up 0.1%; penny stocks dominate trades

  • Tuhan Harun case postponed again to July 22 – Bernama
    Tuhan Harun case postponed again to July 22 – Bernama

    The Lower Shariah Court today postponed again the case of leader of the “Tuhan Harun” deviant sect, Harun Mat Saat, to July 22. Judge Abdul Wahid Mohd Ali set the date after hearing the application from Pahang Islamic Religious Department deputy prosecutor Mohd Fahmi Abd Jalil that he needed more time to examine the legal representation... …

  • What if flight MH370 is never found?
    What if flight MH370 is never found?

    Despite assurances from Malaysia and Australia that the search will continue for Malaysia Airlines flight MH370, the lack of significant leads after almost seven weeks are leading many to ask: What if the jetliner that disappeared over the southern Indian Ocean is never found? At the start of the massive international search effort, such a... …

  • New law to give Sarawak natives freedom in purchasing customary rights land
    New law to give Sarawak natives freedom in purchasing customary rights land

    Bumiputera from Sarawak could eventually buy Native Customary Rights (NCR) land outside their ethnic group or community when the state amends its Land Code in November. Chief Minister Tan Sri Adenan Satem (pic, right), in disclosing the government's intention to table the amendment at its Budget sitting, said with the amendment the Iban, for... …

  • Cops cannot declare May Day rally illegal, lawyer says
    Cops cannot declare May Day rally illegal, lawyer says

    KUALA LUMPUR, April 24 — There are no provisions under the Peaceful Assembly Act (PAA) 2012 that allows the authorities to declare the anti-GST rally planned for May 1 as illegal, human rights... …

  • On May Day, trade unions to rally against GST, TPPA
    On May Day, trade unions to rally against GST, TPPA

    SUBANG JAYA, April 24 — The Malaysian Trades Union Congress (MTUC) announced today a May Day rally to protest against Putrajaya’s newly-approved consumption tax system and a US-led free trade... …

  • Rafizi rips apart deputy minister's grant denial

    A PKR leader has pointed out that Abu Bakar Mohamad Diah referred to grant recipients from a different time period when denying that RM100 million was allocated to a firm purportedly favoured by Prime Minister Najib Abdul Razak. Rafizi Ramli also questioned if this was an oversight on the part of the science, technology and innovation deputy minister or a deliberate attempt to put a lid on the matter. In a statement today, the PKR director of strategy said Abu Bakar (left) disclosed to the …

KUALA LUMPUR (Jan 14): The stock market, dominated by speculative play in penny stocks, closed marginally higher with the benchmark FBM KLCI rising only 0.1%.

At 5pm today, the KLCI had climbed 1.93 points or 0.1% to close at 1,684.63 points. Gainers were equally matched by losers, with 323 counters each on the scoreboard. Volume traded was 1.214 billion shares, valued at RM1.299 billion.

"The market was dull and boring. There were local funds helping to support the KLCI to prevent it from slipping after recent window-dressing activity that was a bit overdone.

"The overall market activity was ruled by penny stocks. It seems that investors believe it is easier to play up the cheap stocks and make money fast," said a senior dealer with a bank-backed securities firm.

Among the heavyweights that helped lift the KLCI were Maxis, Maybank, Tenaga and Genting.

Among the actives, Patimas Computers –- the most active stock -– rose on reports that a prominent businessman may rescue the company and that it might get a new business. The counter ended 1.5 sen up at 16 sen on 158 million shares done.

Other speculative stocks that grabbed slots in the top actives list included DBE, Takaso, Luster, Kbunai and Tiger.

Dealers said the local market was not affected by the huge incident-free political rally held over the weekend.

Hong Kong shares ended higher with financial and property stocks leading gains, although global exporter Li & Fung Ltd tumbled 15% after a profit warning, according to Reuters.

The Hang Seng Index closed 0.6% higher at 23,413.26 points. The China Enterprises Index of the top Chinese listings in Hong Kong climbed 1.4%. Hong Kong markets were also buoyed by a rise in China shares to their best close since June.

The CSI300 of the top Shanghai and Shenzhen A-shares closed up 3.8% at 2,577.7 points. The Shanghai Composite Index closed 3.1% higher at 2,311.7, after losing 1.5% last week.

European shares were flat at opening calls on Monday, with French energy firm EDF the top gainer after it reached a deal with the government over a tax levy shortfall. The FTSEurofirst 300 was at 1,163.91 by 0813 GMT, consolidating just shy of a two-year high after rising almost 3% since the start of the year.

Corporate earnings season would likely remain the main driver of market sentiment, Craig Erlam, market strategist at Alpari, told Reuters. "With earnings expectations so low for the fourth quarter, it's difficult to see where any downside is going to come from. Thus, I expect European markets to continue to rally this week," he said.

The banking sector in particular will fall under the spotlight this week, with JPMorgan and Goldman Sachs among the firms set to report.

Follow @YahooMalaysia on LINE for daily news updates.

Comments on Yahoo pages are subject to our link to Comments Guidelines. You are responsible for any content that you post. Yahoo is not responsible or liable in any way for comments posted by its users. Yahoo does not in any way endorse or support comments made by its users.

  • MH370 passenger’s partner tells of strange email from sacked Fox officer The Malaysian Insider
    MH370 passenger’s partner tells of strange email from sacked Fox officer

    The partner of an American passenger aboard the missing Malaysia Airlines flight MH370 has spoken about how a Fox executive who was recently sacked by the news station had contacted her offering to raise funds on her behalf. Sarah Bajc, whose partner Philip Wood is among the 239 people on board the missing plane, told the Sydney Morning Herald... …

  • My last moments with Pa: Ramkarpal Singh The Malaysian Insider
    My last moments with Pa: Ramkarpal Singh

    A week after the tragic crash that took the lives of veteran lawyer and politician Karpal Singh and his personal aide, Michael Cornelius, his son Ramkarpal recounts the final hours with his father that fateful day. This is his story, as told to V. Anbalagan, assistant news editor. “My parents (Karpal and Gurmit) had gone to Pantai Hospital... …

  • Absolute power corrupts absolutely, Dr Mahathir reminds current leaders The Malaysian Insider
    Absolute power corrupts absolutely, Dr Mahathir reminds current leaders

    Malaysian leaders have been reminded not to look down on the public’s capability to topple a corrupt government as what had happened in the Middle East during the Arab spring, warned Tun Dr Mahathir Mohamad (pic). In his latest blog posting today, the country’s longest serving prime minister said that monarchs and dictators in the Middle East... …