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

  • Karpal’s faithful aide until the end – Bernama
    Karpal’s faithful aide until the end – Bernama

    The name Michael Cornelius Selvam Vellu may not be as famous as the man he was serving – renowned lawyer Karpal Singh – but his sacrifice will remain in the annals of Malaysian history for his devotion to his boss. It would be suffice to say that Michael was literally the man behind Karpal, since the 39-year-old, would push his boss around in... …

  • Johor quarantines 64 villagers after first MERS death, says report
    Johor quarantines 64 villagers after first MERS death, says report

    Malaysia has quarantined 64 people in a southern village after one of its residents become the country's first person to die of a respiratory illness that is spreading from the Middle East, local media reported today. At least 71 people have died from the so-called Middle East Respiratory Syndrome, or MERS, out of more than 200 infections in... …

  • Water theft cost us RM1.6 billion a year, says body – Bernama
    Water theft cost us RM1.6 billion a year, says body – Bernama

    Water from leaking pipes and water theft, collectively known as “non-revenue water” (NRW), accounted for major losses amounting to RM1.6 billion a year throughout the country. Association of Water and Energy Research Malaysia (Awer) president S. Piarapakaran said the loss of treated water before it reached consumers because of leaks in old... …

  • Above all, Karpal was a great father
    Above all, Karpal was a great father

    For as long as I have been aware of this thing called “politics,” I have been aware of Karpal Singh. As a boy, my image of him was often humorous, based as they were on classic Lat cartoons. A particular favourite has Mr Karpal looking gigantic in full court regalia holding aloft a coconut scrapper with one superhuman hand while pointing... …

  • Muslims not encouraged to use ‘RIP’, says National Fatwa Council
    Muslims not encouraged to use ‘RIP’, says National Fatwa Council

    Hours after the death of Karpal Singh, Muslims were told by the National Fatwa Council today they were not encouraged to use the phrase “Rest in Peace" (RIP) to a non-Muslim because the term had Christian connotations. In a statement issued on its website, www.e-fatwa.gov.my, the National Fatwa Council said Muslims could express their... …

  • Amid furore over Karpal jibe, Perkasa distances itself from Zul Noordin
    Amid furore over Karpal jibe, Perkasa distances itself from Zul Noordin

    KUALA LUMPUR, April 17 — The right wing Malay group, Perkasa, has distanced itself from Datuk Zulkifli Noordin, who had earlier tweeted that the passing of veteran DAP politician Karpal Singh was... …

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.

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  • My dad was in KL to see me, says Gobind The Malaysian Insider
    My dad was in KL to see me, says Gobind

    Bukit Gelugor MP Karpal Singh, who died in an accident early this morning, was in Kuala Lumpur to visit his son Gobind Singh Deo who was ill. A distraught Gobind said he was informed of the accident at 2.15am today, and he and his wife rushed to the scene where he saw his father's mangled car and his father's body. "My brother Ramkarpal was... …

  • Langkawi BN MP pokes fun at Karpal Singh’s remains The Malaysian Insider
    Langkawi BN MP pokes fun at Karpal Singh’s remains

    As the nation mourns the passing of a great politician, BN MP Datuk Nawawi Ahmad insulted the late Karpal Singh by posting a picture of the veteran politician's blood-smeared face as he lay in his Toyota Alphard following a tragic accident this morning. Along with the Facebook picture was a newspaper cutting on Karpal being opposed to the... …

  • ‘Huge’ Hindu, Buddhist statues against Islam, ex-judge says The Malay Mail Online
    ‘Huge’ Hindu, Buddhist statues against Islam, ex-judge says

    KUALA LUMPUR, April 16 — The “huge” statues at a Hindu temple in Batu Caves and Buddhist temple in Penang are an affront to Islam as the religion forbids idolatry, a retired Court of Appeals judge... …