KUALA LUMPUR: Blue chips ended Tuesday on a firm note with fund buying of telcos, Tenaga and Petronas Gas while Top Glove rebounded from the previous day's plunge.
At 5pm, the KLCI was up 14.50 points or 0.87% to 1,687.13. Turnover was 1.99 billion shares valued at RM2.23bil. There were 455 gainers, 341 losers and 421 counters unchanged.
The ringgit advanced against the major currencies, up 0.14% to the US dollar to 4.0223 and climbed 0.9% against the pound sterling at 5.3306 while it was up 0.62% against the euro to 4.7168. It rose 0.4% against the Singapore dollar to 2.9662.
European shares edged higher on Tuesday as investors shifted from worrying about a trade war to focus on a corporate earnings season expected to deliver solid results, Reuters reported.
The pan-European STOXX 600 index rose 0.2 percent by 0830 GMT, a 2 1/2-week high, and headed for its sixth straight day of gains as commodities shares supported the market in the face of rising protectionism.
All key Asian stock markets also closed higher except Hong Kong.
At Bursa, Top Glove, the world's largest glove maker, rebounded 77 sen to RM9.90 with nearly 50 million shares
On Monday, it plunged RM2.97, or 24.5%, or a loss in the market capitalisation of RM3.8bil on concerns it may have to make a provision to account for overpaying a recently completed acquisition.
Top Glove said it was taking legal action against Adventa
Capital Pte Ltd for alleged fraud. It is claiming RM714.9mil in overstatement of assets and valuations.
Another glove maker, Hartalega inched up five sen to RM5.77.
As for telcos, Maxis rose 13 sen to RM5.40 and pushed the KLCI up 1.81 points while Axiata added 10 sen to RM4.17, Telekom 19 sen to RM3.45 and Digi three sen to RM4.23.
The rally in crude oil prices saw Petronas linked stocks climbing. US light crude oil rose 47 cents to US$74.32 and Brent jumped US$1.05 to US$79.12.
Petronas Gas rose 48 sen to RM17.66 and adding 1.7 points to the KLCI. Petronas Chemical added three sen to RM8.54 and Petronas Dagangan gained two sen to RM24.94. Dialog fell four sen to RM3.11.
Power giant Tenaga advanced 12 sen to RM1.42 while Genting Bhd gained 13 sen to RM8.50 and Genting Malaysia five sen to RM4.92. MISC rose 15 sen to RM6.06.
As for banks, Maybank added six sen to RM9.14, CIMB five sen to RM5.35, Hong Leong Bank four sen to MRM18.28 while Public Bank was flat at RM22.54 and RHB Bank shed two sen to RM5.33.
Crude palm oil for third month delivery fell RM10 to RM2,258 per tonne. IOI Corp gained nine sen to RM4.55, KL Kepong six sen to RM24.18 and PPB Group four sen to RM19.72.
Sime Plantations climbed five sen to RM5.35, Sime Darby six sen to RM2.40 while Sime Property was two sen higher at RM2.19.
Limited time offer:
Just RM5 per month.
