Plantations, TM nudge KLCI to another record high


KUALA LUMPUR: Sustained window dressing for selected heavyweights and plantations pushed the FBM KLCI to a fresh record high at the midday break on Tuesday.

At 12.30pm, the KLCI was up 3.83 points to 1,845.7. Turnover was 643.57 million shares valued at RM786.93mil. The broader market was cautious with losers beating gainers 331 to 292 while 306 counters were unchanged.

Reuters reported stocks mostly edged up in Asian trade, while tighter money market conditions in the euro zone helped the euro climb to a five-year peak against the yen and a six-week high against the dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan was slightly higher, though trading was cautious ahead of next week's U.S. Federal Reserve meeting.

At Bursa Malaysia, the recovery in crude palm oil (CPO) prices and a firmer ringgit encouraged mild window dressing, with funds seen buying plantation and Telekom Malaysia. CPO rose RM15 to RM2,660 while the ringgit rose to 3.2018 against the US dollar, the strongest since Nov 21.

KL Kepong rose 46 sen to RM24.38, BLD Plantations 35 sen to RM9, PPB Group 16 sen to RM15.20 and Genting Plantations 12 sen to RM11.30.

TM added 11 sen to RM5.58.  SP Setia, which will release its results later this week, rose 12 sen to RM3.07.

UMW Oil & Gas rose 33 sen to RM3.75 on a positive outlook report from CIMB Equities Research. Smaller oil and gas related player Dayang added 12 sen to RM5.57.

HLFG was the top loser, down 22 sen to RM15.78, Takaful lost 20 sen to RM10.16 and Prolexus 10 sen to RM1.17.

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