KUALA LUMPUR: Malaysia’s blue chips closed higher on Wednesday, extending their gains for the second day, underpinned by Genting Malaysia, CIMB, Maxis and Telekom Malaysia.
At 5pm, the FBM KLCI was up 2.84 points or 0.18% to 1,582.44 but off the day’s best of 1,594. Turnover was 1.89 billion shares valued at RM1.78bil.
Importantly, the broader market was firmer with gainers at 557 compared with 259 losers and 298 counters unchanged.
However, the ringgit continued to lose ground against the US dollar to end Wednesday at 4.1058 compared with the previous close of 4.0820. Its intra-day low was 4.1115.
Key regional markets were mixed, with China bouncing from the day’s low while Japan, Taiwan, South Korea and Singapore were in the red.
Reuters reported Hong Kong shares finished lower on Wednesday for the fourth straight day, as investor confidence was subdued by a steady stream of gloomy news about China's economy. The Hang Seng Index fell 1.3% to 23,167.85, while the China Enterprises Index lost 1.2% to 10,642.24.
The Commerce Ministry said on Wednesday that exports could continue falling in coming months, after an 8.3% plunge in July, their biggest drop in four months, adding to concerns over the health of China's economy.
At Bursa Malaysia, Genting Malaysia rose nine sen to RM3.99 and added 0.92 point to the KLCI. Genting Bhd
rose 12 sen to RM7.22 and nudged the index up 0.77 of a point.
CIMB rose six sen to RM5, Maybank three sen to RM8.46, RHB Cap one sen to RM6.53 but AmBank shed six sen to RM4.94, Hong Leong Bank lost four sen to RM12.78 and Public Bank shed two sen to RM17.94.
Among the telcos, TM rose 11 sen to RM6.29, Maxis added six sen to RM6.45 but DiGi and Axiata shed one sen each to RM4.99 and RM5.78.
US light crude oil fell 10 cents to US$42.52 but Brent edged up one cent to US$48.82. SK Petro and Petronas Dagangan added four sen each to RM1.71 and RM20.18 but Petronas Gas fell 14 sen to RM21 and Petronas Chemicals nine sen lower at RM5.74.
Crude palm oil for third-month delivery slid RM25 to RM2,035 per tonne. PPB Group gained 22 sen to RM15, IOI Corp one sen to RM3.95, but NSOP fell 18 sen to RM4.10, KL Kepong four sen to RM20.22 and Sime Darby three sen to RM7.93.
MPI was the top gainer, jumping 47 sen to RM6.45 as it benefits from the continued upward trend in the chip sector. SAM Engineering rose 28 sen to RM4.73 and PIE 22 sen to RM6.17.
AirAsia closed down two sen to RM1.07 despite positive expectations that it would benefit from the slump in crude oil prices.
Among the key regional markets,
Japan’s Nikkei 225 closed down 1.61% to 20,222.63;
Hong Kong’s Hang Seng Index fell 1.31% to 23,167.85;
CSI 300 rose 1.59% to 3,886.14;
Shanghai’s Composite Index rose 1.23% to 3,794.11;
Shenzen Composite rebounded 2.19% to 2,222.05;
Hang Seng China Enterprise fell 1.19% to 10,642.24;
Taiwan’s Taiex lost 1.9% to 8,021.84;
South Korea’s Kospi fell 0.86% to 1,939.38 and
Singapore’s Straits Times Index fell 0.17% to 3,044.52.
Spot gold rose US$4.62 to US$1,122.33.
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