Bursa Malaysia posted a fresh record high in trading volume of 11.807 billion units on Wednesday. KUALA LUMPUR: Bursa Malaysia posted a fresh record high in trading volume of 11.807 billion units on Wednesday, driven by penny stocks, with AirAsia also actively traded after announcing it had triggered the PN17 criteria. The previous high was on May 18 this year at 11.21 billion units, according to stock market data. Blue chips closed higher, underpinned by gains in Public Bank, Maybank and CIMB. This saw the FBM KLCI close up 16.78 points or 1.07% to 1,583.50. Turnover on Bursa was 11.807 billion shares valued at RM4.35bil. The broader market was firmer with 687 gainers, 369 losers and 398 counters unchanged. Public Bank advanced 60 sen to RM18, the highest in recent weeks, and powered the KLCI up 3.64 points, Maybank nine sen higher to RM7.91 and lifted the index by 1.58 points, CIMB 10 sen to RM3.80 and adding 1.55 points while Hong Leong Bank gained eight sen to RM14.54. Petronas Dagangan rose 72 sen to RM21, Petronas Gas flat at RM17 but Petronas Chemicals continued to slip, down seven sen to RM6.56. Among glove stocks, Hartalega lost 28 sen to RM16.42 and erased 1.48 points and Comfort Gloves five sen lower at RM3.59. However, Top Glove climbed eight sen to RM20.54, Kossan climbed 40 sen to RM11.32 and Supermax 18 sen higher to RM10.86. Among the other KLCI stocks, Hap Seng rose 53 sen to RM9.05, MISC added 15 sen to RM8 but Tenaga four sen lower at RM11.56 and IHH one sen lower at RM5.34. Focus Dynamics tumbled 24 sen to RM1.02 with 18.30 million shares done after it was queried by Bursa Securities on Tuesday over the spike in its share price. The most active stock was PDZ, which surged 11.5 sen to 20.5 sen with 1.32 billion shares done. Its warrants jumped 2.5 sen to 5.5 sen with 492 million units traded. AirAsia came under pressure after it triggered the prescribed criteria of the Practice Note 17 (PN17) of the Main Market Listing Requirements of Bursa Malaysia but said it won't be classified as such under the PN17 relief measures. AirAsia will only be classified a PN17 company if it continues to trigger any of the PN17 criteria at the end of the 12-month grace period from now. Trading was suspended in the morning session and resumed at 2.30pm. It closed down 15 sen to 70.5 sen with 224 million units done. AmInvestment Research said as the clock is ticking, AirAsia may not be in the most favourable position when it comes to negotiation with potential new investors. Similarly, given the depressed share price, a rights issue or private placement could be highly dilutive to existing shareholders. As at March 31, 2020, AirAsia has a net cash of RM1bil and shareholders,
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