KUALA LUMPUR: Key Asian markets traded higher at the midday break on Monday while currencies rose against the US dollar while at Bursa Malaysia, Maybank and Tenaga lifted the FBM KLCI.
At 12.30pm, the KLCI was up 2.63 points or 0.15% to 1,720.21. Turnover was 2.03 billion shares valued at RM1.41bil. There were 380 gainers, 475 losers and 341 counters unchanged.
Asian currencies edged higher on Monday as the dollar lost some of its shine as weak US wage growth tempered expectations for a spate of interest rate increases, Reuters reported.
The moves in Asian currencies were cautious, however, ahead of a US Federal Reserve meeting on March 14-15, at which the Fed is widely expected to raise interest rates. Investors' focus is now turning to how many more rate rises may be coming this year.
The ringgit firmed up against the US dollar but slipped against the major currencies. It rose to 4.4493 to the greenback from 4.4530 the previous close. It fell 0.09% against the pound sterling to 5.5197, skidded 0.44% against the Singapore dollar to 3.1539 and slid 0.78% against the Euro toi 4.7606.
At Bursa Malaysia, Iskandar Waterfront City (IWC) hit limit-up to RM2.93 early before giving up part of the gains. It was actively traded with 98 million shares done and was up 40 sen to RM2.68.
SAM Engineering and Pos Malaysia rose 20 sen each to RM6.06 and RM4.63, PIE 16 sen at RM2.29 and Knusford gained 14 sen to RM1.59.
Hong Leong Bank rose 16 sen to RM13.58 and nudged the KLCI up 0.57 of a point, HLFG 14 sen to RM15.76, Maybank added five sen to RM8.82 and pushed the KLCI up 0.84 of a point. Public Bank rose six sen to RM19.86, CIMB two sen higher at RM5.39 and RHB Bank inched up one sen to RM5.17. AmBank lost three sen to RM4.84.
As for telcos, Telekom rose four sen to RM6.35, Digi gained three sen to RM5.13, Maxis two sen higher at RM6.44 but Axiata fell two sen to RM4.71.
UMW added 15 sen to RM5.92. Permodalan Nasional Bhd (PNB), the main shareholders of UMW and Sime Darby – was reported to be mulling a merger of the motor businesses. However, Sime Darby had refuted about such a merger. Sime Darby shed one sen to RM9.13.
Crude palm oil for third-month delivery rose RM17 to RM2,788 per tonne. KL Kepong rose 12 sen to RM24.50, IOI Corp two sen higher at RM4.68 but PPB Group fell four sen to RM16.66. TAHPS lost 39 sen to RM6.50.
Tenaga added six sen to RM13.78 and added 0.55 point to the KLCI, Genbting Bhd was flat at RM9.30 and Genting Malaysia shed two sen to RM5.25.
US light crude oil fell 41 cents to US$48.08 and Brent was down 35 cents to US$51.02.Petronas Dagangan added eight sen to RM24.38 and Petronas Chemicals two sen higher at RM7.37 but Petronas Gas was flat at RM19.60.
Among the key regional markets,
Japan’s Nikkei 225 rose 0.14% to 19,631.26;
Hong Kong’s Hang Seng Index added 0.89% to 23,779.54;
CSI 300 gained 0.63% to 3,449.57;
Shanghai’s Composite Index added 0.42% to 3,226.41;
Hang Seng China Enterprise jumped 1.5% to 10,219.80;
Taiwan’s Taiex gained 0.56% to 9,682.25;
South Korea’s Kospi rose 1.14% to 2,121.24 and
Singapore’s Straits Times Index was up 0.42% to 3,146.56.
Spot gold rose US$2.45 to US$1,207.09.
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