The KL Composite Index (KLCI) ended May 22 on a firm note, boosted by gains at key blue chips including Genting, Bursa and Tenaga. After having opened lower on May 22, the benchmark KLCI rebounded at mid-morning and added 0.94% or 9.70 points to 1,045.26 at 5pm. Turnover was 1.27 billion shares valued at RM1.35 billion.Gainers led losers by 346 to 250, while 231 counters traded unchanged.Genting was the top gainer and added 28 sen to RM5.20 with 17.7 million shares done.
Resorts World was also actively traded with 35.8 million shares done and was up 16 sen to RM2.58. Genting and Resorts rose after they announced on May 20 that Genting's unit Genting Overseas Holdings Limited, and Resorts' indirect wholly owned subsidiary had completed the subscription of US$50 million respectively of nominal amount of senior secured notes issued by MGM Mirage Inc.Genting said the notes represented a good opportunity for it to expand its investment portfolio and enhance returns on its existing cash balances.
"With yield returns in excess of 10%, the investment generates an attractive return compared to what is currently attainable in the money markets or in other secured investments regionally, especially within the Genting group's core leisure and hospitality industry," it had said.
Resorts World was also actively traded with 35.8 million shares done and was up 16 sen to RM2.58. Genting and Resorts rose after they announced on May 20 that Genting's unit Genting Overseas Holdings Limited, and Resorts' indirect wholly owned subsidiary had completed the subscription of US$50 million respectively of nominal amount of senior secured notes issued by MGM Mirage Inc.Genting said the notes represented a good opportunity for it to expand its investment portfolio and enhance returns on its existing cash balances.
"With yield returns in excess of 10%, the investment generates an attractive return compared to what is currently attainable in the money markets or in other secured investments regionally, especially within the Genting group's core leisure and hospitality industry," it had said.New York Stock Exchange-listed MGM owns and operates 16 properties located in Nevada, Mississippi and Michigan in the US, and has 50% interests in four other properties in Nevada, New Jersey, Illinois and Macau.
Other gainers on May 22 were Boustead Holdings Bhd that rose 28 sen to RM4.16, while Bursa Malaysia and Tenaga added 25 sen each to RM7.05 and RM7.65, respectively. Nestle and BAT also added 25 sen each to RM29.50 and RM42.25; UEM Land up 24 sen to RM1.62 and Keck Seng (Malaysia) Bhd gained 22 sen to RM3.60.KNM Group was the most actively traded stock with 73.4 million shares done. It was unchanged at 78 sen. Other actively traded stocks included Tebrau Teguh, UEM Land, Saag, MRCB and Scomi.
The top loser was Tasek Corp that fell 36 sen to RM3.54. Cepco fell 30 sen to RM2.50 while Bintulu Port, KLK and UMW lost 10 sen each to RM6, RM12.10 and RM5.65, respectively. Meanwhile, Telekom fell four sen to RM3.76 while Maybank was unchanged at RM5.20.
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