Fund buying of Public Bank, RHB Cap sends KLCI higher (Update)

  • Business
  • Wednesday, 16 Oct 2013

KUALA LUMPUR: Fund buying of banking stocks especially Public Bank and RHB Capital enabled the FBM KLCI to close higher of Wednesday while key regional markets were mixed ahead of the US politicians’ moves to avert a debt default.

At 5pm, the KLCI was up 6.61 points or 0.3% to 1,791.37, but off the intra-day high of 1,795.48. Turnover was 1.62 billion shares valued at RM1.88bil. The broader market was mixed with 395 gainers to 374 losers while 300 counters were unchanged.

Reuters reported world stocks and the dollar marked time on Wednesday as nervy investors stuck to hopes that US politicians would come to a last minute deal to prevent the country defaulting on its debt.

US Senate aides said after a chaotic day of negotiations on Tuesday that an agreement to lift the government's US$16.7 trillion borrowing limit was near, although final details still needed to be worked out.

At Bursa Malaysia, RHB Capital rose 25 sen to RM7.82 boosted by news that its RHB Investment Bank was in talks with potential partners in the Philippines to expand in Southeast Asia.

Public Bank was at an all-time high of RM18.46, up 22 sen while its foreign shares added 22 sen also to RM18.44. It pushed the KLCI up 2.21 points. HLFG added 20 sen to RM15.48.

However, Maybank shed six sen to RM9.94 and erased 0.92 of a point from the KLCI while CIMB and AMMB dipped two sen each to RM7.46 and RM7.46.

Petronas Dagangan rose 44 sen to RM29.64 while Petronas Gas gained 20 sen to RM22.70.

Crude palm oil (CPO) futures for third month delivery rose RM35 to RM2,403, which was the highest since Sept 6. Genting Plantations rose 28 sen to RM10.10, FGV added 15 sen to RM4.40 and PPB Group 14 sen to RM14.40 and KL Kepong 10 sen higher to RM22.90.

Bright Packaging jumped 21 sen to RM1.46 on its proposed rights shares issue and warrants.

Aeon was the top loser, down 54 sen to RM15.36 and Aeon Credit slumped 20 sen to RM16.06.

Narra Industries fell 22 sen to RM1.32, the biggest decline since the recent run-up from 70 sen on Sept 10. It rose to a high of RM1.84 on Sept 19.

The ringgit was quoted at 3.1741 against the US dollar compared with 3.1578 at the previous close.

Among the key regional markets,

Japan’s Nikkei 225 rose 0.18% to 14,467.14;

Hong Kong’s Hang Seng Index fell 0.46% to 23,228.33;

Shanghai’s Composite Index fell 1.81% to 2,193.07;

Taiwan’s Taiex fell 0.43% to 8,332.18;

South Korea’s Kospi fell 0.31% to 2,034.61 and

Singapore’s Straits Times Index rose 0.28% to 3,174.03.

US light crude oil rose 19 cents to US$101.40 and Brent gained four cents to US$110.

Spot gold fell US$3.90 to US$1,278.46.

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