KLCI shows slight gain, Sime Plantation lifts

KUALA LUMPUR: THe FBM KLCI pulled slightly higher on Thursday as Sime Darby Plantation continued to reverse losses seen during its debut.

The local benchmark index was up 0.72 points to 1,719.05 points. Turnover was 1.8 billion shares with a value of RM2.51bil. There were 377 advancers to 424 decliners and 447 counters unchanged. 

On Asian markets, trading was mixed the recent dip in prices opened the opportunity for some bargain-hunting while profit-taking continued on some counters. 

Shanghai's Composite Index saw some money taken off the table and slipped 0.67% to 3,272 points while the CSI300 Index lost 1.11% at 3,971.14 points.

Hong Kong's Hang Seng Index rose 0.28% points to 11,150.73 points as Tencent Holdings jumped higher after losses in previous sessions.

Japan's Nikkei rose 1.45% as investors returned to the market for cheap valuations following the sell off in the previous session.

Meanwhile, South Korea's Kospi dropped 0.5% to 2,461.98 points while Taiwan's Taiex slipped 0.37% to 10,355.76 points. 

Singapore's Straits Times ended the day's session 0.27% lower at 3,388.14 points.

Back home, Sime Darby Plantation led the list of gainers, rising 29 sen to RM5.16 and putting on 3.493 points to the index. 

Genting Malaysia rose 10 sen to RM5.26, Digi put on five sen to RM4.76 and IOI Corp gained four sen to RM4.50. 

Stocks that weighed included Telekom Malaysia, which lost 19 sen to RM6.03, Hong Leong Bank, slipping 18 sen to RM16 and SIme Darby, dropping five sen to RM2.15.

On the wider market, Malaysian Pacific Industries moved 46 sen higher to RM12 while SPB put on 20 sen to RM5.

United Malacca dropped 37 sen to RM6.51, while Allianz lost 30 sen to RM12.60 and Sapura Energy fell 24.5 sen to 96.5 sen.

Oil prices moved higher on falling US investories, even as output and fuel stocks soared,

US light oil gained 22 cents to US$56.18 a barrel while Brent crude added 31 cents to US$61.53 a barrel.

In currencies, the ringgit continued to shave gains against major currencies. It fell 0.28% against the greenback at 4.0875, 0.17% against the pound sterling at 5.4678 and 0.19% against the Singapore dollar at 3.0278.