KUALA LUMPUR: Public Bank's late surge pushed the FBM KLCI above the key 1,700 level on Tuesday after staying in the red most of the day in line with key Asian markets.
At 5pm, the KLCI was up 9.9 points or 0.59% to 1,702.12 – the highest since Nov 19 last year. Turnover was 3.32 billion shares valued at RM2.12bil, reflecting the lower quality of buying.
However, the broader market was cautious with 556 losers to 332 gainers and 329 counters unchanged.
The ringgit weakened against several major currencies. It fell 0.47% against the US dollar to 4.1320, lost 0.78% to the pound sterling to 5.3241 while it slipped 0.33% to the euro at 4.6935. It was 0.36% lower against the Singapore unit at 3.0368.
Hong Kong stocks closed lower after the global economic outlook grew murky, fresh tensions emerged between the United States and China, while shares of market leader Tencent faltered, Reuters reported. The Hang Seng Index fell0.7%, Shanghai Composite Index 1.18% down and the Nikkei 225 0.47% lower.
At Bursa, Public Bank climbed 38 sen to RM25.18 and pushed the KLCI up 2.59 points. CIMB added 10 sen to RM5.77, RHB Bank and AmBank three sen each to RM5.46 and RM4.53 while Hong Leong Bank shed two sen to RM20.70 and Maybank lost four sen to RM9.51.
Oil prices fell on signs that an economic slowdown in China, the world's second-largest economy and oil consumer, was spreading, stoking concerns over future fuel demand, Reuters reported.
International Brent oil futures fell 48 cents to US$62.26 per barrel while US West Texas Intermediate lost 37 cents to US$53.43.
Petronas Dagangan jumped RM1 to RM26 and pushed the KLCI up 1.74 points but Petronas Chemical lost eight sen to RM8.52 and Petronas Gas 16 sen lower at RM17.62. Dialog shed five sen to RM3.07.
Glove makers fared better with Hartalega
up 19 sen to RM5.49 and Top Glove edged up three sen to RM4.89.
As for telcos, Axiata rose six sen to RM4.12, Maxis gained three sen to RM5.74 and Digi two sen to RM4.52.
Mesiniaga hit limit-up, surging 34 sen to RM1.50 after it bagged a RM1.9bil contract.
Crude palm oil for third month delivery rose RM36 to RM2,622 per tonne, the highest since Oct 17, 2018 as the ringgit weakened.
As for plantations, KL Kepong rose 30 sen to RM24.60, PPB Group 22 sen to RM17.80 and Sime Plantations six sen to RM5.17 and IOI Corp edged up one sen to RM4.65.
Genting Bhd added 14 sen to RM6.93, Tenaga two sen to RM13.70, Sime Darby flat at RM2.30 and Genting Malaysia shed two sen to RM3.28.
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