KUALA LUMPUR: Investor sentiment towards Axiata turned positive after the sale of its 28.67% stake in Singapore's M1 Ltd while Dialog Group
advanced after its firm earnings and upgrade by analysts.
At 5pm, the KLCI was up 3.91 points or 0.23% to 1,692.74. Turnover was 2.75 billion shares valued at RM1.65bil. There were 446 gainers, 378 losers and 389 counters unchanged.
Chinese stocks rallied to their highest in nearly five months, as investors were emboldened by recent signs of progress in trade talks and strong January credit data, Bloomberg reported.
The Shanghai Composite Index rose 2.7%, its biggest gain since Nov. 2, while Shenzhen’s composite gauge added 3.7 %, its best day in four months. Hong Kong's Hang Seng Index was up 1.6%.
The US and China are set to hold further talks in Washington following meetings in Beijing last week that US President Donald Trump described as “very productive” after being briefed by his team on its return. New yuan loans, which expanded to a record in January, also fueled optimism on Chinese stocks, Bloomberg reported.
At Bursa Malaysia, consumer stocks were among the top gainers again, with Carlsberg up RM1.10 to RM23.02 – stretching its gains for the second trading day – after its impressive FY18 results and RM1 dividend.
F&N added 32 sen to RM34.76, Heineken 30 sen to RM22 while Nestle added 20 sen tp RM148.80 but BAT lost 14 sen to RM36.28 after it was downgraded. Heineken is due to report its earnings this Wednesday.
Axiata rose seven sen to RM4.01 and added 1.11 points to the KLCI. Its sale of its 28.67% stake in Singapore's M1 Ltd has improved its financial headroom and the sale proceeds will help cut debt, S&P Global Ratings says in a report.
Digi added three sen to RM4.64 while Maxis lost eight sen to RM5.55 after analysts reduced their earnings outlook following the weaker earnings.
US light crude oil rose 34 cents to US$55.93 and Brent six cents to US$66.31. Petronas Chemical gained six sen to RM8.57 while Petronas Dagangan added 214 sen to RM26.80 and Petronas Gas unchanged at RM18.12. Dialog added nine sen to RM3.24 and nudged the index by 0.89 of a point.
After market close, Petronas Gas announced FY18 net profit rose 1% to RM1.81bil while revenue was up by 12.3% to RM5.49bil. Its Q4 net profit fell 34.6% to RM317.90mil while revenue was RM1.38bil. It proposed a dividend of 22 sen a share.
Among the banks, Public Bank added eight sen to RM25, Maybank and CIMB one sen each to RM9.48 and RM5.71 while Hong Leong Bank lost two sen to RM20.96 and RHB Bank three sen to RM5.55. Aeon Credit jumped 64 sen to RM17.14.
Kossan climbed 20 sen to RM4, Top Glove gained six sen to RM4.99 while Hartalega lost four sen to RM5.39.
Tenaga fell four sen to RM13, Genting one sen to RM7.09, Sime Darby edged up two sen to RM2.23 and Genting Malaysia four sen higher at RM3.38.
Crude palm oil rose RM19 to RM2,292 per tonne. IOI Corp fell three sen to RM4.57, KL Kepong by six sen to RM24.74 while Sime Plantation and PPB Group were unchanged at RM5.16 and RM18.20.
The ringgit was up just 0.01% against the US dollar to 4.0858 but weakened 0.75% against the pound sterling to 5.2763, eased 0.13% to the euro and shed 0.07% to the Singapore dollar at 3.0133.
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