KUALA LUMPUR: The FBM KLCI crossed the 1,700 level briefly on Tuesday on some buying of Axiata, Sime Darby and Maybank but the lack of follow-through support saw the 30-stock index easing off.
Bursa Malaysia was the top performer among the key Asian markets, playing catch-up after lagging for several months, with foreign funds seen nibbling on key stocks.
At 5pm, the KLCI was up 9.56 points or 0.57% to 1,699.89 and year-to-date, it is up 0.44%. Turnover surged to 2.83 billion shares valued at RM2.45bil due to heavy trading in oil and gas lower liners. The broader market was firm with 512 gainers, 382 losers and 360 counters unchanged.
Hong Kong shares, like those in many Asian markets, were roughly flat on Tuesday, as they cooled off after reaching their highest point this year, Reuters reported.
China stocks pulled back from seven-month highs as a sharp correction in bank shares offset sustained strength in the property sector.
The ringgit was firmer against the US dollar at 3.9897 from 4.0028 the previous day and unchanged against the pound sterling at 5.1785. It advanced against the Singapore dollar to 2.9805 from 2.9840 but slipped against the Euro at 4.4976 from 4.4768.
Axiata was the biggest mover among the KLCI stocks, up 19 sen to RM5.99 and pushing the index up 2.88 points, Digi inched up one sen to RM4.99, Telekom was flat at RM6.79 while Maxis shed three sen to RM6.30.
Crude palm oil for third-month delivery slipped RM24 to RM2,553 per tonne after the triple-digit gains the previous day. Heavyweight plantation-property Sime Darby added 17 sen to RM8.26, the biggest gains in recent months, and giving the KLCI a 1.83 point boost.
Banks fared well, with CIMB up nine sen to RM4.75, Maybank eight sen to RM8.05, Public Bank four sen higher at RM19.80 and RHB Bank four sen up at RM5.03 but Hong Leong Bank fell eight sen to RM13.18.
Oil prices remained near five-week highs on Tuesday, fuelled by talk of producers taking action to prop up the market, although some investors cashed in during Asian hours on the 16% rally since early August, Reuters reported.
Crude oil prices reversed from the early losses to resume their advance, with US light crude up 31 cents to US$46.05 and Brent up 24 cents to US$48.59.
TH Heavy rose one sen to 19.5 sen, Bumi Armada
-C16 and SKPetro C25 added 0.5 sen each to seven sen and 8.5 sen, SKPetro C17 and Sumatec were flat at 5.5 sen and 10 sen. KNM was unchanged at 44 sen.
Consumer stocks were most lower with Nestle down 70 sen to RM79.10, Dutch Lady 68 sen lower at RM63.32 while F&N shed 10 sen to RM24.52. BAT rose 92 sen to RM52 and Ajinomoto 28 sen higher at RM14.70.
Oriental Holdings rose 32 sen to RM7.40, extending its gains for the second day after The Star reported that its net asset per share was about RM20. KESM was 30 sen higher at RM7.98 on analysts' upgrades and strong earnings.
The stronger ringgit saw its impact on export-driven Karex, as shares of the condom maker fell 10 sen to RM2.45.
Limited time offer:
Just RM5 per month.
