Axiata lifts KLCI in late trade

KUALA LUMPUR: Axiata powered the FBM KLCI into the positive territory on Wednesday after it clarified there was no order from the Nepali government to bar it from repatriating dividends.

At 5pm, the KLCI was up 2.21 points or 0.13% to 1,757.24. Turnover was 1.79 billion shares valued at RM1.77bil.  Market sentiment was firmer as there were 449 gainers, 332 losers and 417 counters unchanged.

The ringgit rose 0.06% to the US dollar at 4.2948 and increased by 0.54% to the pound sterling at 5,5199 but slipped 0.14% to the Singapore dollar at 3.1089 and weakened 0.47% to the euro at 4.9211.

Hong Kong's benchmark stock index rose for the third straight day on Wednesday to a two-year closing high, bolstered by China fund flows and investors' bargain hunting for blue chips, Reuters reported.

The market was firm even as Hong Kong's second board for start-ups fell to another record low and as investors braced for a possible hawkish policy stance ahead of the Bank of Canada's upcoming policy meeting and Yellen's testimony to Congress.

At Bursa Malaysia, Axiata rose 23 sen to RM4.87 and pushed the KLCI up 3.41 points. 

Axiata said at midday its Nepal subsidiary Ncell Private Ltd has been fully cleared of the capital gains tax (CGT) payment after it made a further deposit of 13.6 billion Nepalese rupees (RM563.63mil) to the Nepalese tax department, also known as the Large Taxpayers Office (LTPO).

Digi fell 10 sen to RM4.90 after its weaker second quarter earnings. Maxis rose one sen to RM5.51 but Telekom lost three sen to RM6.47.

US light crude oil rose 80 cents to US$45.84 and Brent gained 76 cents to US$48.28. Refiner Hengyuan rose the most, up 29 sen to RM5.84. Petronas Dagangan fell the most, down 28 sen to RM23.60, Petronas Chemicals shed nine sen to RM6.90 and Petronas Gas six sen lower at RM18.80.

Tech-related stocks traded higher with Globetronics rose 17 sen to RM6.21 and Inari 15 sen higher at RM2.32 and the warrants 14 sen higher at RM1.50.

Among the banks, CIMB fell eight sen to RM6.31, Hong Leong Bank two sen lower at RM15.90, Maybank was flat at AmBank rose one sen to RM5.01, Public Bank added two sen to RM20.345 and RHB Bank three sen to RM5.05.

Crude palm oil for third-month delivery fell RM2 to RM2,581 per tonne. PPB Group and Sime Darby added two sen each to RM16.80 and RM9.54, IOI Corp edged up one sen to RM4.49, KL Kepong was flat at RM24.76.

BHIC fell 12 sen to RM2.07 on news about the RM147.7mil claim sought by the  Defence Ministry (MinDef).  StarBiz reported BHIC could take a hit in the event the company fails in its appeal against a liquidated damages claim by MinDef.

Tenaga Nasional added six sen to RM14.16, Genting Bhd four sen higher at RN9.12 and Genting Malaysia gained two sen to RM5.67.

Among the key regional markets,

Japan’s Nikkei 225 fell 0.48% to 20,098.38;

Hong Kong’s Hang Seng Index gained 0.64% to 26,043.64;

CSI 300 fell 0.33% to 3,658.82;

Shanghai’s Composite Index shed 0.17% to 3,197.54;

Hang Seng China Enterprise gained 0.97% to 10,517.37;

Taiwan’s Taiex edged up 0.05% to 10,420.68;

South Korea’s Kospi shed 0.18% to 2,391.77 and

Singapore’s Straits Times Index lost 0.26% to 3,210.29.

Spot gold rose US$1.16 to US$1,218.88.