Banks underpin KLCI's recovery at midday

KUALA LUMPUR: Mild fund buying of banks and some consumer stocks underpinned the FBM KLCI's mild recovery at midday on Monday while key Asian markets were mixed.

At 12.30pm, the FBM KLCI rose 3.84 points or 0.22% to 1,734.83. Turnover was 1.56 billion shares valued at RM669.22mil. There were 382 gainers, 354 losers and 378 counters unchanged.

The ringgit rose against the US dollar and the Euro. It advanced to 4.4050 against the US dollar from 4.4070 the previous day and was up against the euro at 4.6165 from 4.6813.

However, it slipped against the pound sterling to 5.5220 from 5.5140 and weakened against the Singapore dollar to 3.1585 from 3.1535.

Shanghai stocks were on track to drop the most in four months on Monday as investors dumped shares across the board after the top securities regulator vowed to "brandish the sword" and combat market misbehaviours, Reuters reported. 

At Bursa, consumer stocks were among the major gainers with Ajinomoto up 48 sen to RM17.62, Nestle added 40 sen to RM80.74, F&N and BAT 20 sen higher at RM24.10 and RM47.

Amomg the banks, CIMB rose 10 sen to RM5.48, Maybank five sen to RM9, Public Bank and RHB Bank four sen higher at RM19.94 and RM5.10, AmBank added three sen to RM4.88 while Hong Leong Bank was flat at RM13.70.

SP Setia rose 14 sen to RM3.69 as investors were positive on its multi-billion ringgit merger plan.

JHM rebounded from its recent profit taking, up 21 sen to RM3.92 on a news report that its diversification into the aerospace  sector  bearing  fruit. Its new aerospace light-emitting diode (LED) lighting business segment is expected to help the group sustain its double-digit revenue growth for the second year in a row for FY17.

As for chip makers, Globetronics rose 15 sen to RM5.05 but burn-in tester KESM fell eight sen to RM11.80.

Crude palm oil for third-month delivery rose RM24 to RM2,527 per tonne. KL Kepong and PPB Group added eight sen each to RM23.90 and RM16.68, IOI Corp rose two sen to RM4.42 and Sime Darby one sen higher at RM9.28. Batu Kawan fell 30 sen to RM19 while Genting Plantations lost 10 sen to RM11.20.

An Joo Resources gained 15 sen to RM2.84 as it will benefit from the safeguard duties for the import of bars and rods.

Anzo skidded 11.5 sen to 44 sen with 74.6 million shares done as profit taking set in.

HCK Capital, which had surged recently, fell on extended profit taking in the absence of any strong news.

Among the key regional markets,

Japan’s Nikkei 225 edged up 0.06% to 18,345.87;

Hong Kong’s Hang Seng Index fell 0.21% to 24,261.66;

CSI 300 lost 0.86% to 3,455.75;

Shanghai’s Composite Index lost 1.32% to 3,203.21;

Hang Seng China Enterprise shed 0.04% to 10,204.34;

Taiwan’s Taiex was down 0.13% to 9,720.15;

South Korea’s Kospi rose 0.53% to 2,146.27 and 

Singapore’s Straits Times Index skidded 0.84% to 3,142.50.

Spot gold rose US$6.26 to US$1,291.95.