UMW O&G in focus as KLCI extends winning streak (Update)


KUALA LUMPUR: UMW Oil & Gas was in the focus on Tuesday as CIMB Equities Research initiated coverage with an Outperform call while the FBM KLCI advanced to fresh record high on Telekom Malaysia.

At 5pm, the KLCI was up 1.98 points or 0.11% to 1,843.85, but off the record intra-day high of 1,846.92 as buying interest seemed to have slowed down after the window-dressing.

Turnover on Bursa Malaysia was 1.40 billion shares valued at RM2.01bil. Gainers led losers 391 to 375 while 317 counters were unchanged.

Telekom Malaysia rose 13 sen to RM5.60 and pushed the KLCI up 1.17 points. Petronas Chemicals gained 10 sen to RM7 and nudged the index up by 1.02 points.

UMW-OG rose the most, up 56 sen to RM3.98. Its call warrants UMW-CG rose 17 sen to 52 sen. UMW-OG, which was listed in recent months, is not part of the 30-stock KLCI.

A more positive outlook for crude palm oil (CPO) prices saw KL Kepong rising 44 sen to RM24.36 while PPB Group and BLD Plantations gained 34 sen each to RM15.38 and RM8.88 and Sime Darby five sen up to RM9.64. IOI Corp shed seven sen to RM5.93.

CPO for third month delivery slipped RM9 to RM2,636 but analysts expect it to trade at average of RM2,700.

Among the banks, Maybank added five sen to RM10 while HL Bank gained 20 sen to RM14.28. HLFG fell 20 sen to RM15.80.

As for consumer stocks, Nestle gained 30 sen to RM67 and BAT 20 sen higher at RM63.50 while Dutch Lady lost 28 sen to RM48.50.

Some selling of Petronas Gas saw the counter sliding 90 sen to RM22.50. Genting Bhd fell 11 sen to RM9.95 and DiGi five sen to RM4.84.

The ringgit was firmer against the US dollar at 3.2080 compared with the previous close of 3.2088.

Among the key regional markets,

Japan’s Nikkei 225 fell 0.25% 15,611.31;

Hong Kong’s Hang Seng Index fell 0.28% to 23,744.19;

Shanghai’s Composite Index fell 0.03% to 2,237.49;

Taiwan’s Taiex fell 0.01% to 8,443.39;

South Korea’s Kospi fell 0.35% to 1,993.45 and

Singapore’s Straits Times Index fell 1.03% to 3,081.72.

US light crude oil rose US$1.08 to US$98.42 and Brent 91 cents to US$110.30.

Spot gold rose US$3.13 to US$1,243.48.


Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Business News

KPS units Aqua-Flo bags RM91.6mil Air Selangor water chemical supply job
KLK extends IJM Plantations MGO to Nov 18�
Supermax seeks details from US over forced labour allegations
Ringgit closes higher against US dollar at 4.1565
Profit taking weighs on Bursa
Lawyer Sreesanthan settles SC charges for insider trading
Supermax shares fall to low of RM2 over alleged labour abuses
Oil falls as investors take profits, but fuel switching caps losses
Birkin bag maker Hermes shrugs off China slowdown, sales beat forecasts
Thai PTT Global Chemical plans US$22b investment by 2050 to decarbonise

Others Also Read


Vouchers