Public Bank underpins KLCI's advance early Tuesday

KUALA LUMPUR: Gains by Public Bank helped the FBM KLCI extend its gains for the second day early Tuesday as volatility among the key markets abated.

At 9.03am, the KLCI was up 0.31 of a point to 1,857.63. Turnover was 104.69 million shares valued at RM43.70mil. There were 135 gainers, 66 losers and 190 counters unchanged.

Asian stocks dipped on Tuesday, their recent recovery slowing after European equities broke a winning streak, while the dollar held firm after bouncing from three-year lows, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.1%. Australian stocks dipped 0.45%. Japan's Nikkei shed 0.4% after three successive days of gains.

Maybank Research said with abating volatility, the KLCI looks poised to move from 1,850 to 1,870 in the near-term. Downside supports now have been adjusted to 1,825 and 1,796. 

Among the KLCI stocks, Public Bank rose 22 sen to RM22.20 and BAT added eight sen to RM30.32.

Hengyuan was the top gainer, up 50 sen to RM15.52 and Petron 32 sen higher at RM12.20.

MPI gained 12 sen to RM9.10 and F&N 12 sen to RM30.10.

Nestle fell 10 sen to RM130.30, EPMB six sen to 45 sen while Genting Bhd and Axiata were down five sen each to RM9.16  and RM5.59. Hartalega, Petronas Chemicals and Sime Plantations lost four sen each to RM11.72, RM8.06 and RM5.50 respectively.

Maxis shed four sen to RM6.04 and Astro also down four sen to RM2.58.