Axiata, Digi weigh on KLCI on merger concerns

KUALA LUMPUR: Blue chips slipped into negative territory early Monday, weighed down by Axiata and Digi on concerns that the merger of Axiata and Telenor ASA could have hit a snag.

At 9.17am, the FBM KLCI was down 0.23 of a point or 0.01% to 1,598.99. Turnover was 205.50 million shares valued at RM102.34mil. The broader market was firmer with advancers leading decliners two to one. There were 201 gainers, 100 losers and 195 counters unchanged.

On the external front, Reuters reported Asian stocks rose as hopes of more stimulus from central banks around the world and steps being taken by major economies such as Germany and China soothed investors’ fears of a sharp global economic slump.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.25%. Australian stocks added 0.7%, South Korea’s KOSPI advanced 0.5% and Japan’s Nikkei rose 0.7%.

At Bursa, Axiata fell 22 sen to RM4.80 and Digi nine sen to RM4.93 in active trade.

KL Kepong lost 38 sen to RM23.64, Genting Plantations 22 sen to RM9.45 and PPB Group 18 sen to RM18.60.

YINSON lost nine sen to RM6.61but Petronas Dagangan added 10 sen to RM22.90 and Petronas Gas eight sen higher at RM16.08.

BAT rose 14 sen to RM22.40 and Carlsberg 10 sen to RM24.04 while GCB added seven sen to RM3.48.

Hong Leong Bank rebounded 16 sen to RM17.28 while Public Bank added 14 sen to RM20.94.

Tenaga gained 10 sen to RM13.78 and Bursa eight sen to RM6.12.

Source: TheStar