Public Bank's record high close powers FBM KLCI to firm close

KUALA LUMPUR: The FBM KLCI bucked the cautious key Asian markets on Tuesday as late buying sent Public Bank to a fresh record close but the broader market was weaker.

At 5pm, the KLCI was up 8.45 points or 0.46% to 1,856.39. Turnover was 1.96 billion shares valued at RM2.07bil. 

Decliners beat advancers more than two to one with 657 losers to 284 gainers and 373 counters unchanged.

Foreign funds were net buyers but at a small scale of RM84.8mil and retailers at RM5mil. Local institutions were net sellers at RM89.8mil.

The ringgit lost ground against several key currencies. It lost 0.04% to the US dollar to 3.9185, was down 0.86% to the pound sterling at 5.5096 and fell 0.52% to the euro at 4.8346. It fell 0.2% to the Singapore dollar at 2.9774.

On the external front, Japan's Nikkei 225 fell 0.47%, Hong Kong's Han Seng Inex rose 0.11%, Shanghai's Composite Index was up 0.35%, South Korea's Kospi added 0.42% while Singapore's Straits Times Index was up 0.46%.

Public Bank closed up 40 sen to RM23.52 and pushed the KLCI up 2.78 points. This saw its market capitalisation rising to RM91.30bil.

Maybank ended two sen higher at RM10.34, RHB Bank one sen to RM5.32, AmBank fell one sen to RM4.14, HLFG and HL Bank were down 10 sen each to RM19 and RM18.70 while CIMB lost six sen to RM7.20.

Axiata added 14 sen to RM5.49 and gave the index a 2.27 point boost. Its subsidiary is venturing into the data centre business in Sri Lanka by buying a 35% stake in Digital Reality (Private) Ltd for 262.5mil Sri Lankan rupees (RM6.62mil).

Maxis added 12 sen to RM5.88, Digi edged up two sen to RM4.62 but Telekom lost 12 sen to RM5.46.

IHH Healthcare rose 15 sen to RM6.20 while power giant Tenaga added six sen to RM15.76 but MISC climbed 25 saen to RM7.30.

Crude palm oil for third month delivery rose RM12 to RM2,437 per tonne. IOI Corp gained five sen to RM4.66, PPB Group and KL Kepong added four sen each to RM18.58 and RM25.40.

Sime Plantation rebounded 10 sen to RM5.60 but Sime Darby lost six sen to RM2.60. Sime Property unchanged at RM1.46.

Astro fell to a multi-year low of RM2.16, down 14 sen and erasing 1.31 points from the KLCI on worries about the rising content costs and the entry of new players.

As for consumer stocks, F&N rose 36 sen to RM31.38 but Nestle fell RM1.70 to RM127.90, Ajinomoto was down 42 sen to RM21.88 and Carlsberg 22 sen lower at RM18.58.

Pos Malaysia fell 20 sen to RM3.70 on growing concerns about its courier business.

US light crude oil rebounded 60 cents to US$62.66 and Brent gained 39 cents to US$66.44. Petronas Gas added eight sen to RM17.94, Petronas Chemical and Petronas Dagangan RM8.19 and RM24.84.