Maxis, Axiata lead KLCI higher at midday

KUALA LUMPUR: Maxis and Axiata led the FBM KLCI higher at midday on Monday, tracking the key Asian markets, while the ringgit continued to advance against the key currencies except the euro and crude oil prices were steady.

At 12.30pm, the KLCI was up 7.61 points or 0.46% to 1,653.83. Turnover was thin with 479.43 million shares done valued at RM407.69mil. There were 257 gainers, 289 losers and 304 counters unchanged.

Most emerging Asian currencies rose on Monday in subdued trading as investors continued to seek the region's higher yields on expectations that central banks in developed countries may ease monetary policies further, Reuters reported.

The ringgit rose to 3.9955 against the US dollar from 3.9983 and it was firmer against the pound stelring at 5.3082 from 5.3192. It alo edged up against the Singapore dollar at 2.9716 from 2.9738 but slipped against the euro to 4.4492 from 4.4404.
 
At Bursa Malaysia, consumer stocks were among the top gainers, with BAT up 94 sen to RM53.44, Dutch Lady 92 sen to RM59.40, F&N 34 sen to RM25.54 while Carlsberg added 14 sen to RM13.40 and Nestle 10 sen to RM77.

Telco stocks led the KLCI higher, with Maxis up 12 sen to RM6.07 and pushed the KLCI up 1.49 points and Axiata 10 sen to RM5.61 and nudging the index up 1.46 points, Telekom rose two sen to RM6.79 while Digi was flat at RM4.78.

Among the banks, AmBank added six sen to RM4.45, CIMB five sen to RM4.36, Public Bank four sen to RM19.44, RHB Bank two sen to RM5.15 but Maybank shed one sen to RM8.19 and Hong Leong Bank two sen to RM13.18.

The warrants of AirAsia X-WA were the most active with 23.70 million units done, gaining 1.5 sen to 25.5 sen while the sahres added one sen to 39 sen. 

Crude palm oil for third month delivery rose RM29 to RM2,388 per tonne. PPB Group was up eight sen to RM16.46, KL Kepong gained six sen to RM23.24, IOI Corp four sen to RM4.39 and Sime Darby was flat at RM7.60.

Oil futures were steady on Monday following comments from the Saudi energy minister that the market was heading towards balance, although signs of slowing demand in Asia weighed. US light crude oil fell five cents to US$48.94 and Brent four cents lower at US$50.31.

Petronas Gas added eight sen to RM22 whiule Petronas Chemicals and Petronas Dagangan were flat at RM6.57 and RM23.48. SapuraKencana gained two sen to RM1.45.

Tenaga was up eight sen to RM14.08 and Westports seven sen to RM4.27 while Genting Bhd rose three sen to RM8.04 and Genting Malaysia one sen to RM4.36.

Among the decliners were MY EG call warrants CQ, Kossan and Globetronics, down seven sen each to 22 sen, RM6.73 and RM3.33 respectively.

Among the key regional markets,

Japan’s Nikkei 225 rose 0.64% to 15,782.07;

Hong Kong’s Hang Seng Index added 1.46% to 21,098.80;

CSI 300 gained 1.66% to 3,206.61;

Shanghai’s Composite Index jumped 1.77% to 2,984.47;

Shenzhen Composite added 1.32% to 1,996.67;

Hang Seng China Enterprise rose 1.29% to 8,852.20;

Taiwan’s Taiex added 0.17% to 8,753.51;

South Korea’s Kospi gained 0.34% to 1,994.08 and 

Singapore’s Straits Times Index edged up 0.65% to 2,864.87.

Spot gold added US$5.51 to US$1,346.86.