KUALA LUMPUR: Blue chips closed higher, underpinned by gains in Genting and Digi but volatility on Bursa Malaysia has shrunk substantially as trading volume of penny stocks and lower liners is seen to have been squeezed out.
The KLCI closed up 6.67 points or 0.38% to 1,740.60. Turnover declined to 2.79 billion shares valued at RM2.45bil. There were 552 gainers, 327 losers and 397 counters unchanged.
Most Southeast Asian stock markets ended higher on Tuesday, recovering from recent losses, as investors moved past tensions over North Korea and looked for local triggers, Reuters reported.
Hong Kong stocks closed at a one-month low after posting their biggest percentage drop in four months, as investors returning from their holiday break had their first chance to react to escalating tensions over North Korea.
Sentiment was also hurt by deepening worries over the sustainability of China's economic recovery, with financial and resource shares leading the market decline, the wire report said.
The ringgit fell 0.15% against the US dollar to 4.4100 from 4.4045 the previous day while it weakened 0.59% against the pound sterling from 5.5199 and lost 0.42% againstthe euro to 4.6980 from 4.6784. However, it firmed up against the Singapore dollar to 3.1529 from 3.1550.
At Bursa Malaysia, only one out of the 30 stocks on the KLCI fell, YTL fell one sen to RM1.49.
Genting Bhd
rose 23 sen to RM9.49 and nudged the KLCI up 1.46 points while Genting Malaysia added six sen to RM5.56. Tenaga rose two sen to RM13.72.
Oil prices fell on Tuesday on news that US shale oil output was expected to post the biggest monthly rise in more than two years, fuelling concerns that U.S. production growth is undermining OPEC-led efforts to rein in oversupply.
US light crude oil fell 44 cents to US$52.21 and Brent lost 52 cents to US$54.84.
Petronas Dagangan added eight sen to RM24.08, Petronas Gas two sen higher at RM19.30 and Petronas Chemicals up one sen to RM7.60.
Crude palm oil for third-month delivery extended its losses, down RM24 to RM2,474 per tonne.
PPB Group and KL Kepong added 16 sen each to RM16.94 and RM24.14 while IOI Corp rose three sen to RM4.45 while Sime Darby was flat at RM9.28.
As for banks, AmBank rose five sen to RM4.93, CIMB three sen to RM5.48, Maybank and Hong Leong Bank two sen each to RM9.04 and RM13.70, RHB Bank one sen to RM5.12 while Public Bank was flat at RM19.92. Aeon Credit rose 28 sen to RM15.96.
Semiconductor linked companies fared well with MPI charging ahead 94 sen to RM11.84.
Consumer stocks also performed well, with Nestle up 54 sen to RM81.30, BAT 42 sen to RM47.42 and F&N 22 sen higher at RM24.30.
Among the key regional markets,
Japan’s Nikkei 225 rose 0.35% to 18,418.59;
Hong Kong’s Hang Seng Index fell 1.39% to 23,924.54;
CSI 300 lost 0.49% to 3,462.63;
Shanghai’s Composite Index lost 0.79% to 3,196.71;
Hang Seng China Enterprise tumbled 1.58% to 10,043.52;
Taiwan’s Taiex ros e0.31% to 9,746.56;
South Korea’s Kospi gained 0.13% to 2,148.46 and
Singapore’s Straits Times Index shed 0,02% to 3,137.54.
Spot gold rose US$1.83 to US$1,286.54.
Limited time offer:
Just RM5 per month.
