KUALA LUMPUR: Strong local funds support for key stocks CIMB, Sime Darby and Genting Bhd
shored up the FBM KLCI on Thursday, offsetting the selling by foreign funds as the ringgit continued to lose ground against the US dollar, pound sterling and Singapore dollar.
At 5pm, the KLCI was up 12.56 points or 0.79% to 1,602.75 but year-to-date the KLCI is down 9%. Turnover was 1.71 billion shares valued at RM1.53bil. The broader market firmed up as advancers beat decliners 577 to 213 while 247 counters were unchanged.
Stock market data showed foreign funds were net sellers again at –RM202.73mil while local funds were net buyers at RM198.19mil. Retail investors regained their confidence and were net buyers at RM4.54mil.
The ringgit weakened against the US dollar to RM4.2485 versus the previous close of 4.2107; while it was down to 6.4809 to the pound from 6.4384 and at 2.9999 against the Singapore unit.
Key Asian markets were mostly higher while China was closed. Reuters reported world stocks rose on Thursday, lifted by the strong rally on Wall Street the previous day, but investors were cautious ahead of a potentially critical 24 hours that will include a European Central Bank policy meeting and the latest US jobs data.
At Bursa Malaysia, consumer stocks were mostly higher led by BAT, which rose 62 sen to RM61.10; GAB gained 26 sen to RM13.46 but Carlsberg shed 16 sen tp RM11.88.
Despite a gloomy banking outlook about the banking sector, some funds were nibbling on battered down key stocks. CIMB rose 18 sen to RM4.95 and added 2.6 points to the KLCI.
Hong Leong Bank added eight sen to RM13.16, Maybank gained five sen to RM8.47 while HLFG added two sen to RM13.96. Public Bank was flat at RM17.74 while RHB Cap shed nine sen to RM6.16 and AmBank was down four sen to RM4.40.
Among the key stocks, Genting Bhd was up 16 sen to RM7.15 and Genting Malaysia added 13 sen to RM4.19. Tenaga rose eight sen to RM11.20 while MAHB added 17 sen to RM4.54.
Crude palm oil for third month delivery rose RM49 to RM2,038 per tonne. Sime Darby added 14 sen to RM7.64 and pushed the KLCI up 1.5 points, IOI Corp two sen to RM3.91 while PPB Group was down two sen to RM15.18 and KL Kepong fell eight sen to RM20.94.
US light crude oil rose nine cents to US$46.34 and Brent shed two cents to US$50.48.
Petronas Gas added 10 sen to RM21.40 while Petronas Dagangan and SK Petro gained eight sen to RM21 and RM11.20 and Petronas Chemicals edged up one sen to RM6.03.
As for telcos, DiGi, Maxis and Telekom Malaysia added three sen each to RM5.12, RM6.58 and RM6.53 while Axiata inched up one sen to RM5.92.
Limited time offer:
Just RM5 per month.
