Bank stocks continue to lift KLCI

KUALA LUMPUR: The FBM KLCI continued its ascent on Monday as banking stocks rose further on prospects of improved interest margins.

At midday, the local benchmark index was up nearly 10 points to 1,863.80 points. Turnover was 1.5 billion shares worth a value of RM947.33mil. Decliners outpaced advancers 363 to 264 with 600 counters unchanged.

Among banking heavyweights, Maybank rose eight sen to RM10.16, Public Bank gained four sen to RM15.88 and CIMB added four sen to RM7.10.

Hong Leong Bank gained 30 sen to RM18.50 while Hong Leong Financial Group added 38 sen to RM18.66 and RHB rose five sen to RM5.55. Ambank bucked the trend, slipping one sen to RM4.83.

In telcos, Axiata gained six sen to RM5.68. Digi slid one sen to RM4.99 while Maxis dipped one sen to RM6.07.

Utility counters Tenaga Nasional rose four sen to RM15.88 while Telekom Malaysia gained seven sen to RM6.07.

Genting counters were also on the move, with Genting gaining nine sen to RM9.69 and Genting Malaysia adding four sen to RM5.59.

On the wider market, Spring Gallery Bhd surged 23 sen to RM1.03, Riverview Rubber Estates gained 20 sen to RM3.90 and F&N added 20 sen to RM29.02.

Losers included Petron Malaysia, sliding 22 sen to RM11.66; Chin Tek, losing 16 sen to RM7.80; and Hengyuan, falling 14 sen to RM13.54.

Oil prices held firm on Monday even as US output continued to rise. WTI crude rose 25 cents to US$66.39 a barrel while Brent crude dipped three cents to US$70.49 a barrel.

In currencies, the ringgit rose marginally against the greenback to 3.8693. It also rose 0.67% against the pound sterling at 5.4725 and 0.24% against the Singapore dollar at 2.9584.