KUALA LUMPUR: Mild fund buying of Tenaga Nasional, Public Bank and MISC saw the FBM KLCI gaining more than eight points on Wednesday as sentiment perked up on window dressing in line with key Asian markets.
At 5pm, the KLCI was up 8.17 points or 0.5% to 1,642.21. Turnover was 1.35 billion shares valued at RM1.54bil. The broader market was firmer with 463 gainers to 302 losers and 376 counters unchanged.
Reuters reported European and Asian stock markets built on a recovery from the shattering aftermath of the Brexit vote last Thursday as investors wagered central banks would ultimately ride to the rescue with more stimulus.
Hong Kong stocks tracked global markets higher on Wednesday, breaking a three-day losing streak, as panic triggered by the Brexit vote slowly eased, it said.
The ringgit was firmer against the US dollar, pound sterling, Singapore unit and the euro. It rose to 5.4106 to the pound, up 0.2% on the day from 5.4213 on Tuesday. It firmed up against the US dollar to 4.0405 from 4.0773.
Against the Singapore dollar, it broke past the crucial 3.0 level when it ended at 2.9951 from 3.0059 while it advanced against the euro to 4.4696 from 4.5047.
As for consumer stocks, BAT rose 56 sen to RM50.80 and Nestle 32 sen to RM76.50 and F&N 30 sen to RM25.50. Dutch Lady
lost 12 sen to RM58.
Maybank fell seven sen to RM8.12 and erased 1.16 points from the KLCI. However, HLFG jumped 38 sen to RM14.30, RHB Bank 24 sen to RM5.08, Public Bank gained 12 sen to RM19.30 and AmBank six sen to RM4.39. However, CIMB and Hong Leong Bank were flat at RM4.28 and RM13.08.
US light crude oil rose 67 cents to US$48.52 and Brent 60 cents higher at US$49.18. Petronas Gas rose 16 sen to RM22, Petronas Dagangan 14 sen to RM23.36 and Petronas Chemicals four sen to RM6.50 while SapuraKencana added three sen to RM1.45. Bumi Armada rose 1.5 sen to 71.5 sen in active trade.
Crude palm oil for third-month delivery fell RM46 to RM2,332 on weaker demand. Despite the weaker CPO futures, KL Kepong rose 22 sen to RM23.22, PPB Group and IOI Corp two sen each to RM16.42 and RM4.37 while Sime Daby was flat at RM7.46. Ta Ann, which is involved in timber and plantations, gained 26 sen to RM3.45.
MISC rose 15 sen to RM7.48 and pushed the KLCI up 1.11 points, Genting Bhd nine sen to RM8.07 and Tenaga eight sen to RM14.06, IHH Healthcare two sen to RM6.52.
As for telcos and related telco services provider, Time dotcom rose 40 sen to RM7.55, Telekom six sen to RM6.82, Digi four sen to RM4.77, Axiata two sen to RM5.60, Maxis was flat at RM5.81
Scientex was the top gainer, surging a record 90 sen to RM12.90. Chip maker MPI added 45 sen to RM7.75 and Press Metal 31 sen to RM3.74.
MAHB fell the most, down 24 sen to RM6.10 on concerns its Turkish airport operations would be impacted by the Turkey airport shooting where suspected Islamic State bombers killed 36 people on Tuesday.
Among the key regional markets,
Japan’s Nikkei 225 rose 1.59% to 15,566.83;
Hong Kong’s Hang Seng Index added 1.31% to 20,436.12;
CSI 300 gained 0.48% to 3,151.39;
Shanghai’s Composite Index added 0.65% to 2,931.59;
Shenzhen Composite edged up 0.15% to 1,973.34;
Hang Seng China Enterprise gained 0.41% to 8,571.44;
Taiwan’s Taiex added 0.95% to 8,586.56;
South Korea’s Kospi gained 1.04% to 1,956.36 and
Singapore’s Straits Times Index rose 1.46% to 2,796.86.
Spot gold rose US$8.23 to US$1,320.02.
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