KUALA LUMPUR: Positive trade data, a firmer ringgit and rebound in crude oil prices were not enough to push the FBM KLCI much higher at midday on Wednesday as profit taking picked up pace, but Tenaga Nasional managed to advance on fund buying.
At 12.30pm, the KLCI was up 0.5% or 0.03% to 1,718.58. Turnover was 875.78 million shares valued at RM732.33mil. There were 275 gainers, 355 losers and 372 counters unchanged.
Malaysia's February exports surprised, with growth up 6.7% to RM56.72bil, underpinned by a double-digit growth in manufactured products, and exceeding economists forecast of a 2.9% growth.
The ringgit rebounded against the US dollar, pound sterling and Singapore dollar. It rose to 3.9115 to the greenback from 3.9235 the previous day while it was at 5.5410 to the pound from 5.5844 the previous day. Against the Singapore dollar, it was at 2.8891 from 2.8992.
Crude futures jumped on Wednesday as hopes for an agreement among exporters to freeze output underpinned the market, although a persistent global oversupply and Iran's plans to boost production pressured physical oil prices, Reuters reported.
US light crude oil rose 98 cents to US$36.87 and Brent added 71 cents to US$38.58.
China's main share indexes stayed firm at their highest levels since early January as the latest survey on China service sector activity provided fresh evidence of a nascent economic recovery, Reuters said.
At Bursa Malaysia, MAHB fell 24 sen to RM6.41 after Petronas Dagangan Bhd
’s subsidiary announced it was seeking an estimated RM456mil following a dispute over a contract.
Tenaga added eight sen to RM14.18 and nudged the KLCI up nearly 0.8 of a point. Genting Malaysia added three sen to RM4.58 and Genting Bhd one sen to RM9.57. MISC fell seven sen to RM8.81.
Petronas Gas fell eight sen to RM21.80, Petronas Dagangan six sen lower at RM23.84 and Petronas Chemical two sen to RM6.70 while SK Petro lost six sen to RM1.84.
As for banks, AmBank fell 12 sen to RM4.44, Hong Leong Bank 10 sen to RM13.30 and HLFG eight sen to RM15.22 but Maybank and CIMB added one sen each to RM9.01 and RM4.86 while Public Bank added four sen to RM19.
Apex Healthcare was the top gainer, up 17 sen to RM3.95 on rising volume. Scientex added 16 sen to RM13.16 and Top Glove eight sen to RM14.18.
Maybulk rose 5.5 sen to 86 sen in active trade as it benefits from the recovery in the dry bulk shipping sector.
Consumer stocks were mixed, with BAT up 14 sen to RM55.08 but F&N fell eight sen to RM20.66.
Crude palm oil for third month delivery fell RM32 to RM2,724 per tonne. Plantations-timber based Ta Ann fell 10 sen to RM5.04, KL Kepong four sen to RM24.06, Sime and PPB Group were flat at RM7.92 and RM16.44 while IOI Corp edged up one sen to RM4.56.
Among the key regional markets,
Japan’s Nikkei 225 rose 0.11% to 15,749.61;
Hong Kong’s Hang Seng Index rose 0.35% to 20,247.86;
Shanghai’s Composite Index added 0.09% to 3,055.68;
Taiwan’s Taiex fell 1.6% to 8,519.42;
South Korea’s Kospi rose 0.51% to 1,972.82 and
Singapore’s Straits Times Index inche dup 0.5% to 2,815.
Spot gold eased US$1.52 to US$1,229.83.
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