KLCI closes stronger, Maybank lifts


  • Markets
  • Wednesday, 17 Dec 2014

KUALA LUMPUR: The FBM KLCI closed Wednesday on a positive note, despite the mixed Asian equities, on some local fund buying of Maybank and Petronas Chemicals.

At 5pm, the KLCI had closed up 7.96 points to 1,681.90. Turnover was 1.943 billion shares valued at RM2.06bil. The broader market was firmer with 648 gainers, 257 decliners and 228 counters unchanged.

Reuters reported an uneasy hush settled over Asian markets on Wednesday as a brewing financial crisis in Russia and the rout in oil prices sent investors scurrying for the cover of top-rated bonds. It said that yields on British, German and Japan sovereign debt had all hit record lows while long-dated US and Australian yields reached their lowest since 2012.

At Bursa Malaysia, while the KLCI was off the day's best, it was a temporary respite for the local bourse which had been hammered by the heavy foreign selling since Dec 1.

BIMB Research said in a note earlier that net foreign outflow amounted to RM312.6mil on Tuesday pushing net outflow at a hefty RM2.45bil for the month of December thus far. 

The ringgit strengthened against the dollar at 3.4865 from 3.4896 at the previous close. 

At Bursa Malaysia, Maybank rose 15 sen to RM8.44, adding 2.45 points to the index while PetChem rose 17 sen to RM4.93, contributing 2.38 points.

Crude palm oil fell RM5 to RM2,116. Despite the weaker CPO futures, there was some buying support seen in plantation stocks. PPB Group rose 24 sen to RM13.70 and IOI Corp four sen to RM4.40.

Banks advanced with CIMB up nine sen to RM5.42, Public Bank four sen to RM17.62, Hong Leong Bank six sen to RM17.62 and AmBank one sen to RM6.21.

Consumer stocks fell with Dutch Lady down RM2.10 to RM41, BAT 98 sen to RM63.78 and Carlsberg 30 sen to RM11.60.

Pos Malaysia  fell 23 sen to RM4.10 and TM 15 sen to RM6.45.

Among the key regional markets:

Japan's Nikkei 225 rose 0.38% 16,819.73

Hong Kong's Hang Seng Index fell 0.37% to 22,585.84

Shanghai's Stock Exchange Composite Index rose 1.31% to 3,061.02

Taiwan's Stock Exchange Weighted Index fell 1.37% to 8,828.36 

South Korea's KOSPI Index fell 0.21% to 1,900.16

Singapore's Straits Times Index rose 0.41% to 3,228.25

Crude oil fell 77 cents to US$55.61 and Brent 43 cents to US$59.58.

Spot gold rose 48 cents to US$1,197.49.

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