KUALA LUMPUR: Genting Malaysia and Digi helped the FBM KLCI stay above the key 1,700 level at midday on Monday amid a weakening broader market and decline in the ringgit.
At 12.30pm, the FBM KLCI was up 4.03 points or 0.24% to 1,700.57. Turnover was 825.13mil shares valued at RM705.23mil. There were 338 gainers, 338 losers and 347 stocks unchanged.
The ringgit lost ground against the major currencies, hitting 4.0907 to the US dollar from the previous close of 4.0875 while it was weaker against the pound sterling at 5.8850 from 5.8306 and eased against the Singapore dollar to 2.9806 from 2.9674.
China stocks jumped nearly 3% on Monday morning, with investors encouraged by a regulator's assurance that it was premature to consider withdrawing government bailout funds from the market, and comments that dispelled fears of a flood of initial public offerings, Reuters reported.
Oil prices were stable, with global oversupply and slowing economic growth weighing on markets but prospects of falling production lending some support, the report said. US light crude oil fell 10 cents to US$38.40 and Brent edged up four cents to US$40.43.
Petronas Chemicals rose three sen to RM6.78 but Petronas Daganagan fell 50 sen to RM24 and Petronas Gas shed 20 sen to RM22.08. SK Petro lost one sen to RM2.10. Petron Malaysia
added 34 sen to RM5.92.
Crude palm oil for third-month delivery was flat at RM2,608 per tonne. Far East rose 26 sen to RM7.80, SOP 14 sen to RM4.89, Sime Darby gained five sen to RM7.90, IOI Corp rose four sen to RM5, KL Kepong and PPB Group two sen to RM24.20 and RM16.74.
As for telcos, Digi gained six sen to RM4.98, Telekom five sen to RM6.58, Maxis three sen to RM6.37 and Axiata one sen to RM5.99.
Among the banks, Public Bank and Hong Leong Bank were flat at RM18.58 and RM13.24 while AmBank fell four sen to RM4.56, CIMB shed two sen to RM4.61, Maybank one sen to RM8.80.
Can-One jumped 28 sen to RM3.90 on news it was looking to sell its dairy manufacturing business in a deal that values the asset around RM800mil.
Nestle was the top gainer among the consumer stocks, up RM1.24 to RM75.20, BAT 28 sen higher at RM56.28 but Kawan and Calrsberg fell 12 sen each to RM3.34 and RM13.42.
Sunway Construction rose two sen to RM1.50 but easing off from the record high of RM1.57 after it was upgraded.
Top Glove fell 11 sen to RM5.33 in active trade ahead of the release of its results on Wednesday.
Among the key regional markets:
Japan’s Nikkei 225 rose 1.82% to 17,247.22;
Hong Kong’s Hang Seng Index was down 1.32% to 20,466.91;
CSI 300 jumped 2.65% to 3,097.16;
Shanghai’s Composite Index climbed 2.58% to 2,882.76;
Shenzhen Composite surged 4.04% to 1,753.32;
Hang Seng China Enterprise added 2.10% to 8,741.30;
Taiwan’s Taiex added 0.5% to 8,749.34;
South Korea’s Kospi edged up 0.06% to 1,972.60; and
Singapore’s Straits Times Index gained 0.99% to 2,856.80.
Spot gold rose US$5.54 to US$1,254.99.
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