Stock market up marginally at mid day

The local stock market rose marginally at mid day, after US Federal Reserve chief Ben Bernanke soothed investor concerns of an an early end to policy stimulus.

The benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index rose 0.12 per cent or 1.9 points higher at 1,626.08 at mid-day, thanks to gains by lenders such as Malayan Banking Bhd (+1 sen to RM9.15), Public Bank Bhd (+8 sen to RM16), Hong Leong Financial Group Bhd (+18 sen to RM13.98), CIMB Group Holdings Bhd (+4 sen to RM7.11) and others.

The upside was partly dragged by the poor performance of the plantation stocks, such as Kuala Lumpur Kepong Bhd, IOI Corp Bhd and Felda Global Ventures Holdings Bhd.

On the broader market, the active stocks include AirAsia, which announced a better-than-expected fourth quarter results as well as declared to reward shareholders with a single-tier dividend of 24 sen per share.

"This is translating to an attractive net yield of 9.1 per cent," said Hwang DBS Vickers in a report this morning.

At mid day, AirAsia shares closed 26 sen higher at RM2.90 with more than 17.14 million shares traded. It is the fourth most actively traded stock.