Bursa Malaysia joined the key Asian markets recovery as they notched gains of between 0.4% and 2.25% with Dialog, telcos, glove makers and Maybank underpinning the advance.
KUALA LUMPUR: Petronas Chemicals' late rebound helped the FBM KLCI to close at the day's high on Thursday amid a weaker broader market as some investors took comfort from the firmer regional markets.
At 5pm, the KLCI was up 4.17 points or 0.25% to 1,656,58. Turnover was 2.76 billion shares valued at RM2bil. Decliners beat advancers five to three or 500 losers to 301 and 435 counters were unchanged.
Asia managed to overcome a cautious start to finish modestly higher. Japan's Nikkei touched a near three-month high though Australia stole the glory as it ended near a 12-year peak after its central bank chief had stressed interest rates could continue to fall, Reuters reported.
China's Shanghai Composite Index gained 0.48%, Hong Kong's Hang Seng Index 0.25% and Japan's Nikei 225 ending up 0.22% while Singapore's rose STI 0.38%. However, South Korea's Kospi fell 0.38%.
In Europe, Euro and bond yields wilted as a slump in German business confidence piled the pressure on the European Central Bank to push interest rates even deeper into sub-zero territory later.
With the chance of a ECB rate cut priced at about 50-50, the euro was at a two-month trough, German Bund yields were slipping back towards record lows and Europe's main stock markets shuffled higher, Reuters reported.
At Bursa, Petronas Chemicals, which had come under selling pressure of late, saw some late buying to enable it to climb 15 sen to RM7.65 an add 2.09 points to the KLCI.
However, Petronas Dagangan sagged eight sen to RM24.20 and Petronas Gas six sen to RM16.22. Dialog shed one sen to RM3.49. Yinson
fell nine sen to RM7.06.
US light crude oil rose 54 cents to US$56.42 and Brent gained 66 cents to US$63.84.
G3 Global rallied 28 sen to RM2.51 and its warrants jumped 22 sen to RM2.32. It is making a big push into artificial intelligence (AI) after securing a partnership with one of the world’s top AI firm recently.
G3 had in April inked a collaborative agreement with SenseTime Group Ltd to “develop new AI products and solutions while securing strategic opportunities with key industry players to spur digital innovations in Malaysia”.
Telcos were mixed. Maxis added nine sen to RM5.70. Digi edged up one sen to RM4.96 while Axiata lost three sen to RM5.12. Telekom retreated 35 sen to RM4.10, the biggest decline in recent weeks.
Gains in crude palm oil (CPO) helped plantations also as third month contract rose RM29 to RM2,058 – the highest since end-May.
KL Kepong added 18 sen to RM23.82, PPB Group was up six sen to RM18.72, IOI Corp rose five sen to RM4.25 and Sime Plantation four sen to RM4.82.
Banks were mixed with Hong Leong Bank closing eight sen higher at RM18.28, RHB Bank and AmBank four sen each to RM5.68 and RM4.30 while CIMB was unchanged at RM5.17 while Pubic Bank shed tow sen to RM22.68 and Maybank one sen lower at RM8.75.
Genting continued its upward trend, gaining three sen to RM6.90 but Genting Malaysia shed three sen to RM3.67.
On the currency front, the ringgit rose 0.06% against the US dollar to 4.1143 and edged up 0.09% against the euro to 4.5824 and gained 0.08% to the Singapore unit. However, the ringgit slipped 0.04% to the pound sterling to 5.1350.
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