KUALA LUMPUR: Blue chips closed higher on Wednesday, supported by gains in telcos and CIMB, while the broader market showed more resilence as reflected improved investor confidence.
At 5pm, the KLCI was up 8.08 points or 0.48% to 1,688.45 but year-to-date, it is 6.03%. Turnover was 2.04 billion shares valued at RM1.63bil. Advancers led losers, with 497 gainers, 322 losers and 398 counters unchanged.
World stocks were dragged lower on Wednesday by growing anxiety ahead of Washington's end of week deadline to impose tariffs on Chinese imports, while the yuan rebounded after China's central bank moved to calm investors, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.25%, a day after it hit a nine-month low. Japan's Nikkei fell 0.31%, mainland Chinese shares dropped, with CSI300 Index off 1.34% and Shanghai Composite lost 1%. Hong Kong's Hang Seng Index was down 1.06%.
The ringgit fell 0.14% against the US dollar to 4.0443 while it shed 0.04% against the pound sterling to 5.3405 and eased 0.06% to the Singapore dollar to 2.9648. However, it was up 0.19% to the euro at 4.7100.
At Bursa, Axiata rose 17 sen to RM4.21 and pushed the KLCI up 2.74 points. Digi rose seven sen to RM4.16 but Maxis fell two sen to RM5.36.
Telekom added 23 sen to RM3.54 and pushed the index up 1.54 points, extending its gains for the second day as investors were positive on the broadband strategy.
CIMB closed six sen higher at RM5.46 and nudged the KLCI up one point, Hong Leong climbed 20 sen to RM18.20, RHB Bank three sen to RM5.37 while Maybank was flat at RM8.98 and Public Bank dipped two sen to RM22.98.
As for consumer stocks, Heineken rose 60 sen to RM22.72, Dutch Lady
added 30 sen to RM68 and BAT 20 sen to RM34.
Construction-property player Gamuda was among the top gainers, up 20 sen to RM3.44 as investors were more upbeat about its outlook.
Crude palm oil for third month delivery fell RM20 to RM2,293 per tonne on lack of demand. IOI Corp fell fur sen to RM4.46, PPB Group added eight sen to RM19.84 and KL Kepong 14 sen higher at RM14.24.
Sime Darby added five sen to RM2.40, Sime Plantation added ne sen to RM5.35 and Sime Property shed one sen to RM1.21.
Tenga fell four sen to RM14.40 on profit taking while Genting Malaysia edged up one sen to RM4.87 and Genting two sen higher at RM8.40.
US light crude oil fell 35 cents to US$73.79 but Brent gained 14 cents to US$77.90.
Petronas Chemicals, Petronas Dagangan and Petronas Gas were flat at RM8.45, RM24.70 and RM17.40.
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