KUALA LUMPUR: Bursa Malaysia started Wednesday on a cautious note after two days of volatility, with Tenaga Nasional, IHH Healthcare, Hong Leong Bank and Public Bank weighing on the FBM KLCI. At 9.14am, the KLCI was down 4.88 points or 0.3% to 1,603.47. Turnover was 664.08 million shares valued at RM342.52mil. The broader market was mixed with 292 gainers, 246 losers and 338 counters unchanged. Reuters reported Asian stocks were mixed on Wednesday as investors anxiously awaited results of US runoff elections that would determine the legislative balance of power in the world's largest economy while oil prices rose on news of planned output cuts. Adding to broader uncertainty in markets was the latest twist in a regulatory saga over whether the New York Stock Exchange would delist three Chinese telecom giants on security grounds. On the local front, Rakuten Trade expects the KLCI to edge higher on Wednesday due to improving crude oil prices. It expects the index to hover within the 1,610/15 range amid the volatile glove counters. “For today, we expect buying interests could shift to the oil & gas stocks following the improvements of crude oil prices with the Brent crude now moving closer towards the US$54/barrel. “Some of the O&G stocks to look out for are Hibiscus, Reach, Uzma, KNM, Reservoir Link, and Serba Dinamik, ” it said. At Bursa on Tuesday, foreign funds were net buyers at RM41.8mil after being net sellers over RM80mil on Monday. Local institutions stepped back to be net sellers at RM19.9mil and local retail investors at RM21.9mil. HLFG fell 24 sen to RM18, Hong Leong Bank 12 sen to RM17.98 and Public Bank 10 sen to RM20.52. IHH lost 12 sen to RM5.53 and Tenaga 10 sen to RM10.44. Down 14 sen each were Bat and UliCorp to RM14.04 and RM1.43. However, Toyo Ventures continued to charge ahead as its share price climbed 65 sen to RM2.84 and its warrants 32 sen to Rm1.41. Kobay was up 57 sen to RM3.66, MPI 36 sen to RM25.36, KPower 26 sen to RM7.89 and Greatec 13 sen to RM9.83. Firm crude oil prices helped push refiners and oil and gas stocks higher. Hengyuan was up 17 sen to RM5.85 and Petronas Gas 16 sen to RM17.06 and Petron 13 sen to RM5.10. Euro Holdings continued to hit a fresh record high of RM3.89, up 13 sen after it replied to a query from Bursa Securities that it was unaware of any reason for the unusual market activity on Tuesday.
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