Banks give KLCI late lift, volume shrinks

KUALA LUMPUR: Late buying of CIMB, Public Bank and Genting Bhd underpinned the FBM KLCI's slim gains at the close on Wednesday while traders were seen staying on the sidelines as volume shrunk to the lowest since July 7.

At 5pm, the KLCI was up 2.66 points or 0.15% to 1,766. Turnover fell to 1.30 billion shares valued at RM1.55bil. However, the broader market was mixed with 373 gainers, 378 losers and 450 counters unchanged.

Reuters reported Hong Kong shares ended higher as gains by energy and financial shares overcame sluggishness in other sectors hit by profit-taking after the Hang Seng index temporarily breached the 27,000 mark in early trade. 

China blue-chip stocks fell for a second day on Wednesday on lingering fears of further regulatory tightening, even though most China watchers do not expect any major new clampdown ahead of a sensitive national leadership reshuffle in autumn, it reported.

The ringgit  fell 0.08% to the US dollar at 4.2847 and was flat versus the pound sterling at 5.5778 and lost 0.11% to the Singapore dollar at 3.1415 but it managed t climb 0.2% to the euro at 4.9801.

CIMB rose five sen to RM6.40 and pushed the KLCI up 0.77 of a point while Public Bank gained eight sen to RM20.50 and boosted the index by 0.53 of a point. RHB Bank added three sen to RM5.08, Maybank one sen to RM9.63 but AmBank shed one sen to RM5 and Hong Leong Bank two sen lower at RM15.82.

Bursa Malaysia jumped 26 sen to RM10.50 after its firmer second quarter results and rewarded shareholders with an interim dividend of 20 sen a share and special dividend of 15 sen per share

Alianz loan stocks, Alianz-PA rose 38 sen to RM14.28, and the shares added 20 sen to RM14.86.

Genting Bhd added eight sen to RM9.67 and pushed the KLCU up half a point but Genting Malaysia fell three sen to RM6.10. MISC lost five sen to RM7.39 while Tenaga was flat at RM14.22.

US light crude oil rose 36 cents to US$48.25 and Brent added 25 sen to US$50.45. Among the oil and gas stocks, the rebound in crude oil prices lifted refiners, with Hengyuan up 20 sen to RM6.34 and Petron 19 sen higher at RM8.54.  

Petronas Chemical added three sen to RM6.99, Petronas Gas and Petronas Dagangan gained two sen each to RM18.90 and RM23.86. UMW Oil and Gas added 0.5 sen to 31.5 sen in active trade.

As for consumer stocks, Ajinomoto surged 52 sen to RM25.10,  Nestle 22 sen to RM84.20, but BAT fell 58 sen to RM44.06, Apollo and MSM 10 sen doen to RM5.24 and RM4.01.

Vitrox was the top gainer among the tech and semicon related stocks, up 35 sen to RM4.50 and MPI gained 18 sen to RM14.08. Aemulus jumped six sen to 67.5 sen and DagangNex 0.5 sen to 59 sen. However, Globetronics lost eight sen to RM6.09.

Luxchem fell 13 sen to RM2.09 after reporting at midday that earnings fell 33.5% to RM8.65mil in the second quarter ended June 30, 2017 on lower contribution from its trading and manufacturing segment.

Crude palm oil for third-month delivery fell RM7 to 2,619 per tonne.

IOI Corp rose three sen to RM4.51, PPB Group and Sime Darby were flat at RM16.78 and RM9.55 while KL Kepong shed two sen to RM24.70.

Among the telcos, Axiata fell two sen to RM4.69, Telekom shed one sen to RM6.37, Digi and Maxis rose one sen each to RM4.75 and RM5.57.

Among the key regional markets,

Japan’s Nikkei 225 rose 0.48% to 20,050.16;

Hong Kong’s Hang Seng Index added 0.33% to 26,941.02;

CSI 300 fell 0.38% to 3,705.39;

Shanghai’s Composite Index rose 0.12% to 3,247.67;

Hang Seng China Enterprise gained 0.45% to 10,831.50;

Taiwan’s Taiex fell 0.42%to 10,419.11;

South Korea’s Kospi lost 0.22% to 2,434.51 and 

Singapore’s Straits Times Index gained 0.27% to 3,336.72.

Spot gold  fell US$3.74 to US$1,246.32.