KLCI gains 10 points as key Asian markets rebound

KUALA LUMPUR: Key Asian markets rebounded from a six-week low at the midday break on Tuesday, following strong gains made in the US markets last night.

The FBM KLCI saw strong gains made during early morning trading to peak at 1,677 before paring some gains. 

At midday, the index was up 10.31 points to 1,666.31, or a 0.62% increase. Turnover was 1.24 billion shares valued at RM870.52 million. 

The broader market saw advancers outpacing decliners in line with the KLCI’s rebound. There were 491 gainers to 274 losers and 332 stocks unchanged.

Bloomberg reported that global markets have shrugged off the short term impact of the Paris attacks to financial markets. In the US, the Standard & Poor’s Index rose 1.5% in anticipation of US inflation data today as well as the minutes of the Federal Reserves October meeting which will be out by Wednesday.

On the other hand, lingering doubts about China’s economy saw commodity prices continuing to slump.

At Bursa Malaysia, both Axiata and Genting Malaysia snapped a recent losing streak and contributed one point each to the KLCI. Genting Malaysia gained 10 sen to RM4.32 while Axiata increased by 7 sen to RM6.15.

Among the banks, AMMB Holdings Bhd gained 4 sen to RM4.68 while Public Bank gained 14 sen to RM18.10. Maybank fell one sen to RM8.29 while CIMB gained 5 sen to RM4.61. RHB Capital was flat at RM6.11.

As for the consumer stocks, BAT fell eight sen to RM57.92, making it one of only two losing stocks among the KLCI constituents today alongside Maybank.

As for telcos, DiGi rose two sen to RM5.10, Maxis gained two sen to RM6.55 and TM gained four sen to RM6.55, 

Crude palm oil’s benchmark third-month contract for February delivery rose RM17  to RM2,317 per tonne. 

Among the plantations, Felda Global Ventures gained four sen to RM1.81 while KL Kepong gained 16 sen to RM22.66. 

PPB Group rose 26 sen to RM15.68 and Sime Darby Bhd gained  three sen to RM8.03. IOI Corp remained flat at RM4.17 on the back of its quarterly loss of RM719mil.

US light crude oil declined slightly by 4 cents to US$41.70 while Brent crude was up 5 cents to US$44.61. 

SapuraKencana gained 5 sen to RM2.13 while Petronas Chemicals gained six sen to RM6.56. Petronas Gas inched up two sen to RM22.96 and Petronas Dagangan was up 18 sen to RM23.48.

Among the key regional markets:

Japan’s Nikkei 225 gained 1.54% to 19,692.35;

Hong Kong’s Hang Seng Index gained 2.09% to 22,470.25;

Shanghai Composite Index rose 1.42% to 3,658.07;

Taiwan’s Taiex gained 1.8% to 8,445.01;

South Korea’s Kospi gained 1.41% to 1,970.32 and;

Singapore’s Straits Times Index fell 0.47% to 2,929.56 points.

Spot gold declined by 42 cents to US$1,082.34 per troy ounce after a recent rebound but is now close to its five-year low of US$1,080 which it hit last Friday.