Maybank, Maxis lead KLCI higher

KUALA LUMPUR: Fund buying of Maybank and Maxis led a turnaround in the FBM KLCI at midday on Tuesday after a cautious start, with the 30-stock climbing nearly five points amid a stronger broader market while the ringgit firmed up among the major currencies.

At midday, the KLCI was up 4.99 points or 0.3% to 1,677.15. Turnover was 1.26 billion shares valued at RM966.13mil. The broader market was firmer with advancers leading decliners 428 to 334 while 287 counters were unchanged.

The ringgit rose to 4.2365 against the US dollar from 4.2600 the previous day while it was at 6.3932 to the pound sterling from 6.3988. It was at 3.0067 to the Singapore dollar from 3.0167.

Most key Asian markets were higher but China’s main indices fell after the weaker manufacturing data. China stocks sagged on Tuesday morning, hurt by weak factory activity and upcoming new listings despite the International Monetary Fund's decision to grant the yuan global reserve currency status, Reuters reported. 

However, shares in Hong Kong rebounded sharply, highlighting the difference in the two markets' investor base. 

At Bursa Malaysia, Maybank rose 13 sen to RM8.45 and pushed the KLCI up 2.13 points while CIMB gained five sen to RM4.55 and Public Bank was up two sen to RM18.40. HLFG fell 26 sen to RM13.74, Hong Leong Bank lost 20 sen to RM13.36 and HLBank-OR was down 13 sen to RM2.52.

Consumer stocks were among the major gainers led by BAT, up 58 sen to RM58.44, Dutch Lady added 30 sen to RM47.70 and Carlsberg 20 sen to RM11.64.

SWS Cap climbed 23 sen to RM1.23. Asia File lost 25 sen to RM4.80 after it was downgraded after the recent share price surge.

Crude palm oil for third-month delivery rose RM6 to RM2,350 per tonne. KL Kepong fell 28 sen to RM22.66, Genting Plantations 12 sen down to RM10.14, while IOI Corp shed eihght sen to RM4.27 and PPB Group was flat at RM15.80. Sime Darby gained two sen to RM7.93.

US light crude oil rose 28 cents to US$41.93 and Brent 16 cents higher at US$44.77. Petronas Chemicals rose five sen to RM6.79, Petronas Gas four sen to RM22.96 and Petronas Dagangan was flat at RM25 while SK Petro advanced eight sen to RM2.22.

Among the key regional markets,

Japan’s Nikkei 225 rose 0.96% to 19,937.05;

Hong Kong’s Hang Seng Index added 1.65% to 22,359.02;

Shanghai’s Composite Index fell 0.45% to 3,430.06;

Taiwan’s Taiex rose 1.43% to 8,439.19;

South Korea’s Kospi rose 1.62% to 2,024.22; and

Singapore’s Straits Times Index added 0.8% to 2,878.84.

Spot gold jumped US$7.38 to US$1,072.15.