KLCI rebounds on buying of key heavyweights

KUALA LUMPUR: The local market experienced a relief rebound on Friday following sharp declines that saw the FBM KLCI lose 69 points or 3.7% over two trading days.

This was in contrast to most Asian markets, which were on the back foot following US President Donald Trump's cancellation of a summit with North Korea, although investors seemed prepared for the about-turn.

At 12.30pm, the FBM KLCI was 19.54 points higher at 1,795.20, just shy of regaining the key 1,800 level. Trading volume was 1.23 billiosn shares with a value of RM1.16bil. There were 406 advancers versus 337 decliners and 375 counters unchanged.

Maybank remained under selling pressure following yesterday's selldown as it slipped eight sen to RM1.18. StarBiz had reported yesterday that the country's largest banking group may be financially impacted by its debt exposure to embattled Hyflux in Singapore. 

However, Axiata, which has been on a slide over six straight sessions and was the leading decliner during Wednesday's market selldown, recovered 22 sen to RM4.52.

Other counters that had been facing selling pressure also rebounded. Public Bank gained 52 sen to RM24.88 and Tenaga Nasional rose 28 sen to RM15.04

CIMB recovered eight sen to RM6.13, while IHH added eight sen to RM6.26.

Slipping further was MISC, which lost 15 sen to RM5.91.

On the broader market, Dutch Lady rose RM1.26 to RM69.97 and United Plantations advanced 42 sen to RM27.70. 

Nestle gave up 30 sen to RM146.70 while Petron Malaysia slipped 17 sen to RM8.04.

In oil markets, prices slipped as Russia hinted it may gradually increase output now Brent prices have risen to near US$80 a barrel. WTI crude slid six cents to US$70.85 a barrel and Brent crude fell 12 cents to US$78.67 a barrel.

In currencies, the ringgit moved up slightly against the greenback at 3.9835 and 0.18% against the pound sterling at 5.3264. It weakened 0.11% against the Singapore dollar at 2.9716.