KUALA LUMPUR: Blue chips climbed early Monday as the FBM KLCI added more than five points, underpinned by gains in Public Bank, Petronas Dagangan and PPB Group but the ringgit continued to lose ground.
At 10am, the FBM KLCI was up 5.07 points or 0.31% to 1,662.49. Turnover was 379.89 million shares valued at RM178.73mil. There were 228 gainers, 156 losers and 266 counters unchanged.
The ringgit declined for a sixth day in its longest stretch of losses since November on speculation the Federal Reserve will prepare markets for an interest-rate increase at this week's meeting, Bloomberg reported.
Ongoing probes by US and Singapore authorities into the funds of 1Malaysia Development Bhd also weighed on the ringgit, according to Commonwealth Bank of Australia. The currency posted its biggest five-day loss since September last week as the 1MDB woes added to a drop in sentiment as oil prices declined.
Crude prices inched down on Monday in Asia, staying not far from two-month lows hit in the previous session, amid worries over a global oil glut. Brent crude for September delivery was down four cents at US$45.65 a barrel while US light crude for September delivery fell five cents to US$44.14 a barrel, Reuters reported.
At Bursa, FGV was in focus, gaining six sen to RM1.84 in active trade on growing positive outlook for the plantations giant and a news report it had abandoned plans to buy Indonesia’s PT Eagle High Plantations Tbk.
PPB Group, which came under selling pressure last week following a profit warning from its Singapore listed associate, Wilmar, rose 14 sen to RM15.98.
Consumer stocks were among the top 10 gainers, with BAT up 92 sen to RM55.42, F&N 20 sen to RM26.22, Carlsberg 16 sen to RM14.90 and Dutch Lady
10 sen to RM62.10. Poultry company Lay Hong rose eight sen to RM8.90.
Petronas Dagangan added 24 sen to RM23.80 but with just 100 shares done. Publc Bank gained eight sen to RM19.38.
However, Ajiya fell 26 sen to RM3.87 after a sharp fall in its results.
Hong Leong Industries lost nine sen to RM8.70, Uzma four sen to RM1.85 and Pavillion REIT four sen to RM1.80. Pestech shed four sen to RM6.60.
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