Solarvest surges while Bursa left behind in Asian rally

KUALA LUMPUR: Solarvest’s strong debut in very active trade provided some optimism to Bursa Malaysia early Tuesday after it was again left behind in the Asian rally.

At 9.14am, the FBM KLCI was down 1.81 points or 0.11% to 1,589.54. Turnover was 247.45 million shares valued at RM133.67mil. There were 158 gainers, 158 losers and 218 counters unchanged.

Asian stocks rose as an apparent olive branch from Beijing in trade talks with Washington added to other recent signs of progress, fuelling a rally in Wall Street’s main benchmarks to record highs, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2%. Australian shares were up 0.59%, while Japan’s Nikkei stock index rose 0.78%.

At Bursa, Solarvest’s share price more than doubled when it made its debut on the ACE Market. It surged 31.5 sen to 66.5 sen with 95.18 million shares done.

Latitude Tree fell 10 sen to RM2.86, Tong Herr and YINSON nine sen each to RM2.40 and RM6.56, Pos Malaysia five sen to RM1.43 and SunCon four sen to RM1.91.

Among the KLCI stocks, Public Bank and BAT lost six sen each RM16.48 and RM19.74, Press Metal five sen to RM4.70 while IHH shed four sen to RM5.41 in thin trade.

KL Kepong rose 20 sen to RM23.98 and PPB Group 14 sen to RM18.44 while F&N added 10 sen to RM34.68 and Petronas Gas eight sen to RM16.38.

PPHB rose 6.5 sen to 79.5 sen, MBMR six sen to RM3.90, PinePac 5.5 sen to 36.5 sen.

Source: TheStar