Key Asian markets higher, KLCI up 6pts at midday

KUALA LUMPUR: Key Asian markets chalked up some gains in the morning on Friday while the FBM KLCI rose 6.5 points, underpinned by gains in bank stocks as worries about Britain's exit from the EU dissipated slightly.

At 12.30pm, the FBM KLCI was up 6.48 points or 0.4% to 1,621.38. Turnover was 549.60 million shares valued at RM488.51mil. There were 265 gainers, 263 losers and 356 counters unchanged.

Bloomberg reported Asian stocks rebounded from a three-week low, the pound strengthened and oil snapped a six-day losing streak after the murder of a UK lawmaker prompted speculation Britons will be less inclined to vote to leave the European Union at the June 23 referendum.

The ringgit was fell against the US dollar, Singapore unit and pound sterling but firmed upagainst the euro. It was at 4.1010 to the greenback from the 4.1000 the previous day, dipped to 5.8396 against the pound from 5.8090 and slipped to 3.0398 against the Singapore dollar from 3.0349. It rose against the euro to 4,6136 from 4.6170.

US light crude oil rose 37 cents to US$46.58 and Brent added 53 cents to US$47.72. SapuraKencana fell two sen to RM1.41 with 15.49 million shares done. Petronas Gas added six sen to RM21.46, Petronas Chemicals four sen to RM6.35 but Petronas Dagangan fell eight sen to RM23.36. 

As for banks, Hong Leong Bank rose 26 sen to RM13.18 and AmBank 12 sen to RM4.39. CIMB rose four sen to RM4.24, Maybank three sen to RM8.06, Public Bank two sen to RM19.16.

Among the consumer stocks, BAT rallied 84 sen to RM50.50 and Nestle added 22 sen to RM76.80 but F&N fell 22 sen to RM25.18.

Crude palm oil for third month delivery rose RM21 to RM2,436 per tonne. United Plantation rose 48 sen to RM26.98, KL Kepong and PPB Group four sen each to RM23.04 and RM16.02 while Sime Darby was flat at RM7.49 and IOI Corp fell five sen to RM4.25.

Genting Bhd rebounded 11 sen to RM8.11 after the recent bout of profit taking, UMW gained six sen to RM5.27 and MISC added two sen to RM7.27.

AirAsia rose one sen to RM2.57 and AAX 0.5 sen to 36 sen in active trade.

Poultry company Lay Hong was the top loser, down 24 sen to RM8.71.

As for telcos, Digi rose five sen to RM4.65, Axiata four sen to RM5.45, Telekom one sen higher at RM6.73 and Maxis was flat at RM5.67.

Among the key regional markets,

Japan’s Nikkei 225 rose 1.27% to 15,629.39;

Hong Kong’s Hang Seng Index rose 0.65% to 20,167.76;

CSI 300 added 0.83% to 3,120.31;

Shanghai’s Composite Index added 0.69% to 2,892.58;

Shenzhen Composite gained 1.05% to 1,905.32;

Hang Seng China Enterprise advance d0.6% to 8,459.99;

Taiwan’s Taiex rose 0.73% to 8,555.77;

South Korea’s Kospi slipped 0.06% to 1,950.88:

Singapore’s Straits Times Index edged up 0.15% to 2,755.79.

Spot gold rose US$5.38 to US$1,283.81