KUALA LUMPUR: Shares of Astro All Asia Networks surged in early trade on Thursday, March 18 after its major shareholder offered to take it private at RM4.30 while the broader market was mixed.

At 10.20am, the FBM KLCI rose 2.05 points to 1,304. Turnover was 189 million shares valued at RM270 million. There were 195 gainers, 174 losers while 220 stocks were unchanged.

CIMB Equities Research said that though the FBMKLCI snapped a four-day decline to close three points higher on Wednesday, "yet, we believe the underlying tone of the market is still fragile, given that the benchmark closed near its intraday lows".

Looking at the chart, CIMB Research said it seems that the 1,300 psychological level is still a key level to watch out for. A renewed base-pattern above this level would likely lend some support to this upleg. If prices can stay above the support line, then there is a possibility of an extended recovery phase in the near term, it said.

Astro rallied 65 sen to RM4.21 with 20.6 million shares done while Astro-CC added 9.5 sen to 20 sen but Measat fell 17 sen to RM2.48.

Ho Hup added 14 sen to RM1.20 after the Low family was reelected to the boardroom following Wednesday's EGM.

Wah Seong rose 11 sen to RM2.53 and the warrants added eight sen to 41 sen as investors were optimistic about it securing more jobs.

Top Glove fell 14 sen to RM12.42 on profit taking while Mitrajaya fell 14 sen also to RM1.13 as the run-up in its share price was not fundamentally driven.