KUALA LUMPUR: Fund buying of Genting Malaysia and banks underpinned the FBM KLCI's gains at midday on Monday while Asian markets were mostly higher except Japan and South Korea.
At 12.30pm, the KLCI was up 10.96 points or 0.64% to 1,719.34 after falling more than seven points last Friday. Turnover was robust with 1.72 billion shares traded valued at RM1.07bil. There were 443 gainers, 350 losers and 352 counters unchanged.
US stock futures dropped 0.4% and Asian shares were on the defensive on Monday as investors weighed the near-certain prospect of an interest rate hike in the United States this month against news of slower growth in China this year, Reuters reported.
Risk appetite also took a hit on rising geopolitical tensions in East Asia, as North Korea fired four ballistic missiles early in the day, while a spat between China and South Korea over missile defence deepened.
The ringgit rose against the weakening US dollar but fell against the other key currencies.
The ringgit rose to 4.4520 to the US dollar from 4.4542 the previous close, but it fell against the pound sterling at 5.4685 from 5.4588 and slipped against the Singapore dollar to 3.1549 from 3.1496. It weakened against the Euro to 4.7206 from 4.6861.
CIMB Group
rose 11 sen to RM5.33 and added 1.61 points to the KLCI. Hong Leong Bank rose 12 sen to RM13.58, while Public Bank gained eight sen to RM19.96 and Maybank five sen higher at RM8.78. RHB Bank was up three sen to RM5.13.
Genting Malaysia rose 14 sen to RM5.43 and nudged the KLCI up 1.37 points,Genting Bhd added 11 sen to RM9.27, IHH added seven sen to RM5.96 but Tenaga fell two sen to RM13.60. Also up was MAHB, advancing 19 sen to RM6.82.
US light crude oil fell 24 cents to US$53.09 and Brent was down 21 cents to US$55.69. Petronas Gas rose 20 sen to RM20 and Petronas Chemicals two sen higher at RM7.42 but Petronas Dagangan fell 34 sen to RM24.46.
As for telcos, Axiata rose six sen to RM4.68, Digi and Telekom four sen each to RM5.03 and RM6.27 while Maxis gained three sen to RM6.36.
Among the consumer stocks, Dutch Lady rose 58 sen to RM55.98 and it was the top gainer in the morning session. However, Ajinomoto fell 14 sen to RM14.46 while Kawan Food and Apollo lost nine sen each to RM4.06 and RM5.20.
Crude palm oil for third-month delivery rose RM28 to RM2,891 per tonne. PPB Group climbed 10 sen to RM16.64, KL Kepong edged up two sen to RM24.40, IOI Corp was flat at RM4.70 and Sime Darby one sen higher at RM9.11.
MRCB rose four sen to RM1.51 on fresh corporate news including a deal to dispose of its stake in the Eastern Dispersal Link (EDL) highway.
However, DRB-Hicom fell five sen to RM1.35, the second day of decline on a news report that billionaire Li Shufu said he’s planning to pull Zhejiang Geely Holding Group Co. out of a bid for Proton Holdings Bhd.
Magni-Tech fell 16 sen to RM5.04 on profit taking while Scientex gave up 10 sen to RM7.44.
Among the key regional markets,
Japan’s Nikkei 225 fell 0.44% to 19,383.22;
Hong Kong’s Hang Seng Index rose 0.37% to 23,640.03;
CSI 300 added 0.46% to 3,443.48;
Shanghai’s Composite Index added 0.37% to 3,230.10;
Hang Seng China Enterprise gaine d0.53% to 10,198.39;
Taiwan’s Taiex added 0.23% to 9,670.71;
South Korea’s Kospi fell 0.02% to 2,078.31 and
Singapore’s Straits Times Index dipped 0.12% to 3,118.55.
Spot gold lost 95 cents to US$1,233.86.
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