KLCI and ringgit close slightly firmer

Maybank's share price rebounded 24 sen to close at RM8.34 and pushed the KLCI up 3.95 points

KUALA LUMPUR: Malaysia’s blue chips and the ringgit, both of which had come under intense selling pressure in recent weeks, had a slight reprieve on Tuesday.

The key FBM KLCI ended steadier in volatile trade, shored up mostly by gains in Maybank but investor concern would be if the worst is over… for now.

At 5pm, the KLCI was up 7.06 points or 0.45% to 1,579.60. However, it is down 10.31% since January and it was the second worst performing market after Jakarta . 

Turnover rose to 2.254 billion shares valued at RM2.112bil. The broader market was mixed with 409 gainers, 407 losers and 360 counters unchanged.

The ringgit firmed up slightly to 4.0820 to the US dollar at 5pm from the previous close of 4.0995. It hit a low of 4.1202 earlier on Tuesday which was then another new low since 1998.

However, key regional markets closed mostly lower, with China markets the worst hit as the key indices fell more than 6%. 

Reuters reported Chinese stocks plunged on Tuesday as the yuan weakened against the dollar, reigniting fears that Beijing may be intent on a deeper devaluation of the currency despite the central bank's comments that it sees no reason for a further slide.

At Bursa Malaysia, Maybank rose 24 sen to RM8.43 and added 3.95 points to the KLCI. AmBank rose seven sen to RM5, CIMB added four sen to RM4.94, Hong Leong Bank two sen to RM12.82 but Public Bank shed two sen to RM17.96 and RHB Cap six sen lower at RM6.52.

Telcos were among the gainers, with fiber-optic specialist Time dotCom jumping 17 sen to RM5.87. It plans to raise RM1bil under its proposed Sukuk programme 2015-2035 which would be used to expand its fibre footprint and for other operations.

RAM Ratings has assigned a preliminary rating of AA3/Stable to the Islamic medium-term notes (MTN) programme.

DiGi added seven sen to RM5, Axiata six sen to RM5.79 Maxis four sen to RM6.39 while TM was flat at RM6.18.

Chip stocks rebounded, with MPI taking the lead when it chalked up gains of 31 sen to RM5.98 and Globetronics gained 24 sen to RM5.84.

Export driven Top Glove added 28 sen to RM7.81.

Crude palm oil for third-month delivery rose RM9 to RM2,053 per tonne. Heavyweight Sime Darby rose six sen to RM7.96, PPB 12 sen to RM14.78, IOI Corp was flat at RM3.94 but KL Kepong lost 16 sen to RM20.26.

Genting Plantations fell 18 sen to RM9.20 and the warrants, WA gave up 20 sen to RM1.70, Genting Bhd four sen lower to RM4.10 while IJM Corp lost 12 sen to RM6.

Norway’s US$871bil sovereign wealth fund Norges Bank has excluded IJM Corp and Genting Bhd from its investments due to risks of “severe environmental damage”.

US light crude oil fell 15 cents to US$41.72 while Brent was down 10 cents to US$48.64.

Petronas Gas and Petronas Dagangan added eight sen each to RM21.14 and RM20.14 while Petronas Chemicals shed one sen to RM5.83. SK Petro ended four sen down at RM1.67 while Bumi Armada lost one sen to 85 sen.

Among the key regional markets,

Japan’s Nikkei 225 fell 0.32% to 20,554.47;

Hong Kong’s Hang Seng Index fell 1.43% to 23,474.97;

CSI 300 fell 6.19% to 3,825.41;

Shanghai’s Composite Index fell 6.15% to 3,748.16;

Shenzen Composite fell 6.58% to 2,174.42;

Hang Seng China Enterprise fell 1.75% to 10,770.05;

Taiwan’s Taiex fell 0.44% to 8,177.22;

South Korea’s Kospi fell 0.62% to 1,956.26 and

Singapore’s Straits Times Index fell 0.58% to 3,049.65.

Spot gold rose US$1.90 to US$1,119.60.