KLCI eyes 1,700 again after gains in PetChem and Axiata

KUALA LUMPUR: All key Asian markets closed higher on Monday as worries about another US interest rate hike ebbed while the positive sentiment also spilled over to Bursa Malaysia where Petronas Chemicals and Axiata underpinned the FBM KLCI's gains.

At 5pm, the KLCI was up 6.23 points or 0.37% to 1,691.24. Trading volume and value also saw an increase as turnover was 2.63 billion shares valued at RM2.31bil. The broader market was firm with 622 gainers, 286 losers and 341 counters unchanged.

The ringgit weakened against the US dollar to 4.4283 from 4.4280 and slipped against the Singapore dollar to 3.1406 from 3.1312 and declined against the Euro to 4.7597 from 4.7570. However, it firmed up 0.51% against the pound sterling to 5.156 from 5.5439.

Hong Kong stocks rebounded on Monday, drawing inspiration from a firmer Wall Street and helped by rising capital inflows from the mainland, Reuters reported.

Over at China, it said stocks rose on Monday in thin activity as investors stayed largely cautious over the central bank's policy tightening after it surprisingly raised short-term interest rates last week. 

US light crude oil rose 15 cents to US$53.98 and Brent added nine cents to US$56.90.  The firmer crude oil prices and fund buying saw Petronas Chemicals rising 15 sen to RM7.28 and boosting the KLCI by 1.98 points while Petronas Gas and Petronas Dagangan were flat at RM20.60 and RM23.48.

Axiata added 13 sen to RM5.08 and boosted the KLCI by 1.92 points, Maxis rose nine sen to RM6.20, Digi added five sen to RM5.10 and Telekom one sen higher at RM6.01.

MAHB advanced 26 sen to RM6.60 in active trade as investors and analysts turned upbeat after the government extended the concession to manage the airports in the country.

DRB-Hicom notched gains of eight sen to RM1.27 with 35 million shares done on expectations that a foreign strategic partner could be found soon.

Crude palm oil for third-month delivery added RM7 to RM3,062 per tonne. Kuala Lumpur Kepong rose the most, up 66 sen to RM25.15 while its major shareholders Batu Kawan added 50 sen to RM19.60, Genting Plantations 14 sen to RM11.44, PPB Group eight sen higher at RM16.46 and IOI Corp four sen higher at RM4.66 but Sime Darby fell four sen to RM9.

Among the financial stocks, Aeon Credit rose 28 sen to RM15.78, HLFG 22 sen to RM15 and LPI Capital 16 sen to RM17.34.

As for banks, AmBank gained one sen to RM4.54, Maybank rose two sen to RM8.22, RHBBank four sen up at RM5, CIMB was flat at RM4.97, Public Bank lost two sen to RM20.18, Hong Leong 14 sen lower at RM13.26. 

KIP REIT ended its first trading day down 0.5 sen to 99.5 sen. 

Among the consumer stocks, BAT lost 82 sen to RM44.50, Dutch Lady fell 28 sen to RM54.24 and F&N was down 14 sen to RM23.62. Apollo rose 23 sen to RM5.20

Among the key regional markets,

Japan’s Nikkei 225 rose 0.31% to 18,976.71;

Hong Kong’s Hang Seng Index rose 0.95% to 23,348.24;

CSI 300 added 0.26% to 3,373.21;

Shanghai’s Composite Index added 0.54% to 3,156.98;

Hang Seng China Enterprise jumped 1.62% to 9.840.26;

Taiwan’s Taiex gained 0.87% to 9,538.01;

South Korea’s Kospi was up 0.22% to 2,077.66 and

Singapore’s Straits Times Index ended the day up 0.49% to 3,056.91.

Spot gold rose US$2.90 to US$1,223.20.