KUALA LUMPUR: Bursa Malaysia ended the morning session higher, amid persistent buying interest led by Axiata and DiGi on the back of ongoing merger talks.
Axiata jumped 56 sen to RM4.60, while DiGi soared 42 sen to RM4.94. Both contributed 14.54 points to the composite index.
At 12.30 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.48 points to 1,641.28 from Monday's close of 1,632.80.The benchmark index opened 6.03 points lower at 1,626.77.
On the broader market, gainers led losers 451 to 255 with 331 counters unchanged, 869 untraded and 19 others suspended.
Turnover stood at 1.72 billion shares worth RM1.02 billion.
Yesterday, Axiata Group Bhd announced it was currently in discussions with Norway’s Telenor Group, to establish a new, merged global entity by combining their Asian operations.
Telenor Group holds a 49 per cent stake in Digi.Com Bhd.
The merger aims to create a new global champion to be headquartered in Malaysia.
“While the Asian equities are trading mixed amid the renewed US-China trade tensions, our local bourse received a boost from this mega merger,” a dealer said.
In its note, Public Investment Bank Bhd said it believed at this juncture, the merger is positive to DiGi, as it would be acquiring Celcom and become the largest mobile player in Malaysia.
Among the heavyweight counters, Maybank rose three sen to RM9.01, Petronas Chemicals increased nine sen to RM8.89, while Public Bank declined eight sen to RM22.48 and Tenaga was four sen weaker at RM12.18.
Of the actively-traded stocks, Bumi Armada inched up one sen to 22 sen, Lambo was flat at nine sen, Ekovest shed half-a-sen to 90.5 sen and Sapura Energy half-a-sen better at 32.5 sen.
The FBM Emas Index rose 53.82 points to 11,595.99, the FBMT 100 Index was 53.19 points higher at 11,429.37 and the FBM Emas Shariah Index increased 148.47 points to 11,833.33.
The FBM 70 appreciated 43.24 points to 14,395.55 and the FBM Ace improved 78.52 points to 4,589.83.
Sector-wise, the Financial Services Index declined 171.77 points to 16,711.89, the Plantation Index added 1.58 points to 7,203.94 and the Industrial Products & Services Index was 0.74 of a point better at 167.86.