KLCI up nearly 13 points on technical rebound (Update)

KUALA LUMPUR: Malaysia’s blue chips staged a technical rebound at midday on Friday, led by fund buying of Petronas related stocks and banks, with the FBM KLCI almost 13 points higher.

At 12.30pm, the KLCI was up 12.86 points or 0.76% to 1,712.78. Turnover was 879.78 million shares valued at RM672.20mil. There were 341 gainers, 320 losers and 319 counters unchanged.

The ringgit firmed up slightly against the US dollar to 3.8177 compared with the 3.8190 the previous day.

Maybank rose 12 sen to RM9.11 and added 1.96 points to the KLCI. CIMB gained 11 sen to RM5.31, Public Bank added 10 sen to RM18.98, AmBank four sen to RM5.57 but RHBCap lost three sen to RM7.37.

KAF was in focus after it received a takeover offer at RM2.70 a share. It rose 52 sen to RM2.60.

US light crude oil fell 30 cents to US$48.22 and Brent was down 16 cents to US$53.15. Petronas Dagangan added 50 sen to RM21.16 and Petronas Gas 34 sen to RM22.06, Petronas Chemicals edged up one sen to RM6.40 while SK Petro added two sen to RM2.42.

BAT was the top gainer, advancing 82 sen to RM66.82 on expectations of higher cigarette prices.

Supermax rose 17 sen to RM2.44 as it benefits from the stronger US dollar since its products are exported. However, profit taking saw Top Glove falling 11 sen to RM7.77.

Telcos traded higher with Maxis gaining 11 sen to RM6.65, TM six sen to RM12.12 and Axiata two sen to RM6.30 while DiGi was flat at RM5.39.

MAHB lost 13 sen to RM5.92 and it was the top loser for the morning after its second quarter results.

Crude palm oil for third-month delivery rose RM2 to RM2,126 per tonne. PPB Group gained 24 sen to RM15.26, IOI Corp three sen to RM4.21,  Sime two sen to RM8.62 but KL Kepong fell eight sen to RM21.58.

Westports fell eight sen to RM4.10 ahead of the release of its second quarter results. At the midday break, it announced its earnings were flat.

Among the key regional markets,

Japan’s Nikkei 225 rose 0.07% to 20,537.03;

Hong Kong’s Hang Seng Index rose 0.4% to 24,595.51;

Shanghai’s Composite Index fell 0.98% to 3,669.45;

Taiwan’s Taiex fell 0.44% to 8,613.25;

South Korea’s Kospi fell 0.12% to 2,016.60;

Singapore’s Straits Times Index fell 1.27% to 3,208.37.

Spot gold fell US$4.09 to US$1,084.66.

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