KUALA LUMPUR: Fund buying of IHH Healthcare, Maybank and Genting Bhd
helped the FBM KLCI close higher on Friday, mirroring most key Asian markets, though the third-quarter economy grew at a slower-than-expected pace.
At 5pm, the KLCI was up 12.17 points or 0.7% to 1,706.38. Turnover was 1.85 billion shares valued at RM1.88bil. There were 450 gainers, 345 losers and 390 counters unchanged.
Nomura Global Research said it continues to see a high risk of fiscal slippage for Malaysia given the narrower revenue base that relies heavily on oil-related revenues and the ambitious direct tax targets that will likely disappoint as the result of a slowing economy.
Most key Asian market except Japan and Taiwan closed higher, with Hong Kong's Hang Seng Index up 0.31%, Shanghai Composite Index up 0.41%, South Korea's Kospi advanced 0.21% wgile Singapore's STI ended 0.87% higher.
At Bursa, consumer stocks were amomg the top gainers, with Nestle the best performer, up RM2.60 to RM147, F&N added 40 sen to RM33.40 and Carlsberg 22 sen to RM19.60 but BAT fell 26 sen to RM38.30.
IHH Healthcare was the biggest mover of the KLCI, up 2.07 points when it closed 14 sen higher at RM4.74. Genting Malaysia was flat at RM3.63. Tenaga added eight sen to RM14.90.
Maybank added seven sen to RM9.45 and lifted the KLCI up 1.38 points while Public Bank gained 12 sen to RM24.62, Hong Leong Bank 10 sen to RM20.66, CIMB ended six sen up to RM5.65, but RHB Bank shed three sen to RM5.17.
US light crude oil rebounded 70 cents to US$57,16 and Brent gained 95 cents to US$67.57. Dialog rose nine sen to RM3.29, Petronas Gas and Petronas Dagangan 10 sen each RM18.80 and RM26.90 while Petronas Chemical was flat at RM9.40.
Crude palm oil for third month delivery fell RM50 to RM1,999. Sime Plantation and KL Kepong were flat at RM5.26 and RM24.86 while PPB Group added 10 sen to RM17 and IOI Corp four sen to RM4.39.
Telekom fell six sen to RM2.38, Maxis was flat at RM5.40, Digi gained three sen to R4.32 and Axiata four sen higher at RM3.50.
KESM fell the most among the semicon stocks, down 16 sen to RM10.76.
The ringgit fell 0.03% to the US dollar at 4.1918, lost 0.32% against the euro to 4.7565 and shed 0.04% to the Singapore dollar at 3.0453. However, it rose 0.76% versus the pound sterling at 5.3599.
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