Markets  |  JANUARY 29, 2016 5:08AM

Bursa reacts positively to recalibrated Budget

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bursa_man_genericInvestors started wading into selective value-buy Bursa Malaysia counters in the plantations, consumer, construction and oil and gas sectors, following positive reaction to the recalibrated 2016

Plantation stalwart Sime Darby extended its gains, rising 29 sen to RM7.90 and contributing a significant 3.12 points to the rise in composite index (CI) as at mid-day, while IOI Corporation climbed 19 sen to RM4.62 (+2.08 points to CI).

In the recalibrated budget, the government has agreed to implement the Rehiring Programme to enable foreign workers to be given valid work permits to fulfil industry demand.

The government also said it will continue to stimulate growth, support domestic economic activity as well as ensure sufficient liquidity in the financial system.

The moves will benefit the consumer sector in general, with shoemaker Xidelang Holdings, Eka Noodles and apparel maker Yen Global joining the top 10 most active list as at mid-day.

Xidelang and Yen Global were traded flat at 5.5 sen and 50 sen respectively, while Eka Noodles added one sen to 16 sen.

Share prices of oil and gas (O&G) counters on Bursa were also on a firm note today as the global benchmark for crude oil price seemed consolidated at US$30 a barrel.

Leading O&G movers at mid-day were Petronas Gas, which improved 46 sen RM22.64, with Petronas Chemicals garnering 8 sen to RM7.09 and SapuraKencana rising 9 sen to RM1.79.

Dialog, meanwhile, advanced 1 sen to RM1.57, Perisai added 2 sen to 28.5 sen while Bumi Armada added 1.5 sen to RM1.01.

The government also assured that the implementation of major projects such as Mass Rapid Transit (MRT) and Light Railway Transit (LRT), Pan-Borneo Highway, Malaysian Vision Valley, Cyber City Centre, RAPID Pengerang and High-Speed Rail will be continued.

Among the potential beneficiaries, Kimlun rose 3.5 sen to 47 sen, Mitrajaya bagged 9 sen to RM1.14 while Muhibbah jumped 7 sen to RM2.25.

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