Petronas stocks, Tenaga underpin KLCI’s mild rebound

KUALA LUMPUR: Petronas-linked stocks and Tenaga Nasional underpinned the FBM KLCI’s rebound on Wednesday, enabling it to recoup one-third of the previous day’s losses.

At 5pm, the KLCI was up was 7.11 points or 0.45% to 1,602.40, after falling about 22 points the previous day on foreign fund selling.

Turnover was 6.95 billion shares valued at RM3.56bil. The broader market was cautious with 633 losers to 438 gainers and 477 counters unchanged.

However, most key Asian markets closed lower except for Singapore’s Straits Times Index due to worries about renewed lockdowns caused by Covid-19, weaker risk appetite and the overnight fall on Wall Street.

At Bursa, Petronas Chemicals rose 15 sen to RM8.07, Petronas Gas added 10 sen to RM15.60 and Petronas Dagangan eight sen to RM20.24. Dialog rose two sen to RM3.18.

Propelling the gains in the oil stocks was the rebound in US light crude oil which rose US$1.54 to US$59.30 and Brent US$1.61 to US$62.40.

MAHB recovered to climb 16 sen to RM6.31 and IHH Healthcare added three sen to RM5.34 as worries about the impact of its Turkey airport operations lessened.

Tenaga rose 12 sen to RM10.82, Genting edged up two sen to RM5.19 but GentingM shed one sen to RM3.09.

As for plantations, PPB Group rose 26 sen to RM18.78, BLD Plantations 25 sen to RM8.05, IOI Corp and KLK six sen to RM4.30 and RM23.16 while Sime Plantation edged up two sen to RM4.87.

As for financial and banks, HLFG rose the most, up 18 sen to RM17.24. CIMB added seven sen to RM4.50, Public Bank was flat at RM4.18, Maybank shed three sen to RM8.24 and RHB Bank five sen lower at RM5.31 and Hong Leong Bank six sen lower at RM18.82.

Among the glove makers, Top Glove climbed seven sen to RM5.12, Hartalega six sen to RM9.66 and Supermax four sen to RM4.19.

As for telcos, Telekom lost five sen to RM6.11 while Maxis was flat at RM4.60 but Axiata added two sen to RM3.66 and Digi three sen to RM3.66.

Paragon Union was the top gainer, up 28 sen to RM2.12.

On the external front, Chinese shares fell on Wednesday to their lowest close in three months as risk appetite soured on concerns of policy tightening and escalating tensions between China and major western economies, Reuters reported.

At the close, the blue-chip CSI300 index was down 1.61% at 4,928.69, the lowest close since Dec 11, while the Shanghai Composite index fell 1.3% to 3,367.06, the weakest close since Dec 24.

Japan's Nikkei share average fell for the fourth consecutive session as renewed concerns about the return of coronavirus lockdowns in Europe and declining oil prices dented hopes of an acceleration in the global economy.

The Nikkei 225 Index ended down 2.04% at 28,405.52. The broader Topix fell 2.18% to 1,928.58, posting its biggest daily percentage decline since Feb 26, and its third straight session of decline.

Reuters reported emerging market currencies slipped on Wednesday as worries about a new Covid-19 wave in Europe and potential US tax hikes sapped demand for riskier assets, while the Turkish lira wobbled as investors continued to digest a shock central bank shake-up.

The MSCI index of emerging market currencies fell 0.2% and was on course for its worst day in nearly two weeks as Germany extended its coronavirus lockdown and US Treasury Secretary Janet Yellen said future tax hikes will be needed to pay for public investments, sending the dollar to near four months high.

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