KUALA LUMPUR: Blue chips closed higher for the ninth day on Thursday, powered by gains in Maybank and Public Bank as investors grew more confident as the new federal government unveiled more measures to strengthen the economy and reduce the fiscal deficit.
At 5pm, the FBM KLCI was up 6.17 points ot 0.35% to 1,759.24. Turnover rose to 3.49 billion shares valued at RM3.02bil. Advancers beat losers nearly two to one or 640 gainers to 323 losers and 419 counters unchanged.
Most of the key Asian markets ended in the red but Singapore bucked the trend to jump 1.14%.
Business optimism in Malaysia leapt 24 percentage points to 52 per cent in the second quarter (Q2) of this year, from 28% in the first quarter (Q1), mainly due to the election of the Pakatan Harapan government.
Grant Thornton Malaysia, country managing Partner, Datuk NK Jasani said the International Business Report (IBR) revealed that the new-found business confidence was due to the government's emphasis on accountability and transparency.
Maybank rose 21 sen to RM9.81 and pushed the KLCI up 4.07 points while Public Bank added 20 sen to RM23.90, CIMB edged up one sen to RM5.86, RHB Bank unchanged at RM5.34 but HL Bank fell the most, down 38 sen to RM18.50 and erased 1.46 points.
Press Metal
saw strong interest as risk appetite improved for riskier assets including equities. It rose 16 sen to RM4.31 and added 1.1 points.
MAHB added 10 sen to RM9.09, Genting seven sen to RM8.82 and Tenaga four sen to RM14.92 but Genting Malaysia lost three sen to RM5.12.
Chip-related companies KESM and MPI topped the gainers list. KESM rose 58 sen to RM17.28 and MPI 50 sen to RM11.28.
Companies linked to Tan Sri Lim Kang Hoo – Ekovest and Iskandar Waterfront City (IWC) – rose in active trade and combined, they accounted for about 300 million shares done. IW City jumped 17.5 sen to 74.5 sen and Ekovest 7.5 sen higher at 72 sen.
As for telcos, Maxis rose four sen to RM5.59, Digi and Axiata were flat at RM4.63 and RM4.40 but Telekom shed three sen to RM3.90.
Construction stocks also climbed in active trade with Gamuda up 17 sen to RM3.75 while MRCB rose three sen to 71 sen. IJM added 15 sen to RM1.93 and George Kent three sen to RM1.41 as analysts said there was a turnaround in the construction sector.
Revenue Group continued to climb, up seven sen to 69.5 sen. It was listed on Wenesday at an IPO price of 37 sen.
MNRB fell 31 sen to RM2.03 – the lowest since January 2017 – as investors sold their shares on news the reinsurer planned a fund-raising exercise to raise about RM400mil by selling new shares to its shareholders.
Reuters reported oil prices fell after official data showed an unexpected rise in US crude stockpiles, US output hit a record high and major oil exporters increased production.
International crude oil benchmark Brent was down 85 cents at US$72.05 a barrel by 0945 GMT. US light crude was 75 cents lower at US$68.01.
Petronas Chemical fell five sen to RM8.8, Petronas Gas shed four sen to RM18.42 and Petronas Dagangan was unchanged at RM25.76. Dialog rose three sen to RM3.30.
Crude palm oil for third month delivery fell RM16 to RM2,195 per tonne.
Among the plantations, IOI Corp rose two sen to RM4.50, KL Kepong added four sen to RM24.40 while PPB Group was flat at RM19.82.
Sime Plantation fell six sen to RM5.19 but Sime Darby rose three sen to RM2.42 while Sime Property advanced seven sen to RM1.29.
Consumer stocks were among the top losers, with Nestle down 30 sen to RM147.80, Carlsberg lost 16 sen to RM19.08 and F&N lost 14 sen to RM37.62.
As for currencies, the ringgit fell 0.13% to the US dollar to 4.0640 and shed 0.03% to the euro to 4.7211. But it edged up 0.07% to the pound at 5.2900 and 0.05% to the Singapore dollar to 2.9666.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
