Petronas stocks, CIMB higher at midday

  • Business
  • Thursday, 12 Jan 2017

KUALA LUMPUR: Petronas stocks and CIMB helped shore up the FBM KLCI's gains at midday on Thursday amid the stronger broader market while the ringgit firmed up against the weaker US dollar.

At 12.30pm, the KLCI was up 3.72 points or 0.22% to 1,678.93. Turnover was 1.41 billion valued at RM953.81mil. Advancers led decliners 460 to 250 while 343 counters were unchanged. 

The ringgit rose against the US dollar to 4.4633 from 4.4722 but slipped against the pound sterling to 5.4467 from 5.4341 and down against the Singapore dollar to 3.1240 from 3.1119. It declined against the Euro to 4.7289 from 4.7202.

The US dollar nursed widespread losses on Thursday after President-elect Donald Trump's long-awaited news briefing provided scant clarity on future fiscal policies, disappointing bulls wagering on major stimulus, Reuters reported.

Yet neither did Trump mention possible tariffs against Chinese exports, a relief for Asian share markets that have feared the outbreak of a global trade war.

MSCI's broadest index of Asia-Pacific shares outside Japan climb 0.6% to its highest since late October, while Shanghai stocks edged up 0.2%. Going the other way, Japan's Nikkei slipped 0.9% as the yen climbed on a retreating dollar, Reuters added.

US light crude oil fell 11 cents to US$52.14 and Brent shed four cents to US$55.06. Petronas Chemicals rose four sen to RM7.19 and added 0.52 point to the KLCI. Also up four sen was Petronas Dagangan to RM23.82 while Petronas Gas added 20 sen to RM20.86.

As for consumer stocks, BAT was the top gainer, up 92 sen to RM47.50 and Carlsberg gained 10 sen to RM14 but Nestle fell 18 sen to RM75.82.

Among the banks, CIMB and Hong Leong Bank added four sen each to RM4.86 and RM13.40 while Maybank edged up one sen to US$8.31 but Public Bank shed two sen to RM20.04. MBSB rose two sen to RM1.02 in active trade.

Crude palm oil for third month delivery lost RM9 to RM3,124. United Plantations lost 28 sen to RM26.54, IOI Corp one sen lower at RM4.49 while KL Kepong, Sime Darby and PPB Group were flat at RM24.12, RM8.51 and RM16.30 respectively. 

MAHB climbed 22 sen to RM6.32 as worries about its outlook eased, especially from the Turkey operations.

As for the technology and Internet related stocks, IFCA MSC was the most active with 61.4 million shares done, up 3.5 sen to 40 sen. 

Recently listed glove equipment manufacturer GFM jumped six sen to 53 sen.

Spot gold rose US$5.36 to US$1,196.98.

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