KLCI gains ground on positive Chinese trade data

  • Markets
  • Friday, 08 Dec 2017

KUALA LUMPUR: Asian markets were given a boost on Friday as Chinese trade data was showed to accelerate in October.

The local benchmark index was also on the rise, gaining 4.24 points to 1,723.29 points. Turnover was 961.42 million shares with a value of RM1.05bil. Market breadth remained negative, with 337 decliners versus 230 gainers and 473 counters unchanged.

Banking stocks came into play on the local market, with Hong Leong Bank rising 10 sen higher to RM16.10, Hong Leong Financial Group advancing 20 sen to RM16.70, Public Bank adding four sen to RM20 and RHB gaining eight sen to RM4.80.

CIMB, however, declined one sen to RM5.96, Ambank fell one sen to RM4.12 and Maybank was unchanged at RM9.27.

Other gainers on the KLCI included Petronas Chemicals, rising five sen to RM7.45, Axiata, adding two sen to RM5.36 and Maxis, putting on one sen to RM5.93.

Sime Darby rose five sen to RM2.20 and Sime Darby Plantation gained 20 sen to RM5.36.

Among decliners, however, Tenaga Nasional slipped two sen to RM15.56, Digi dropped three sen to RM4.73 and Genting lost two sen to RM5.24.

On the wider market, Hong Leong Industries put on 29 sen to RM9.73 while United Plantations gained 22 sen to RM28.30.

SAPURA ENERGY continued to move lower following the announcement of weak earnings the previous day. 

In its research report, AmInvestment Research maintained its Hold recommendation on the stock but adjusted its fair value lower to RM1 a share from RM1.54. The O&G services provider dropped 11.5 sen to 85 sen. 

Other laggards included Halex, dropping 11 sen to 94 sen and CEPCO, losing 10 sen to RM1.45.

Oil prices were little changed on Friday as the strengthening US dollar was offset by high demand from China, Reuters reported.

US light crude dipped three cents to US$56.66 a barrel while Brent crude moved one cent lower to US$62.19 a barrel.

The ringgit, which had begun correcting against the US dollar earlier in the week, traded relatively flat against the greenback on Friday at 4.0872.

It weakened against the pound sterling at 5.5140 and rose against the Singapore dollar at 3.0230

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