KUALA LUMPUR: Buying of Digi, Public Bank and Tenaga Nasional underpinned the FBM KLCI’s early Tuesday gains amid the mixed key Asian markets and a slide in crude oil prices.
At 9.16am, the KLCI was up 6.26 points or 0.36% to 1,732.93. Turnover was 222.23 million shares valued at RM114.37mil. There were 189 gainers, 117 losers and 211 counters unchanged.
Asian stocks sagged, weighed by a sharp decline in crude oil prices as Libyan ports reopened, while the dollar was on the defensive ahead of Federal Reserve Chairman Jerome Powell's first congressional testimony, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan was 0.1% lower following two sessions of gains. Australian stocks fell 0.3%, South Korea's KOSPI lost 0.35% and Japan's Nikkei edged up 0.3%.
Meanwhile, Maybank Investment Bank Research said the rally may come to a temporary halt after Wall Street ended broadly lower. Oil and gas stocks could face escalating selling pressure after oil price tanked.
“Technically, we expect the KLCI to trade between 1,705 and 1,740 today. Downside supports are now realigned to 1,705 and 1,680,” it said.
Digi was the top gainer, up 21 sen to RM4.48 and extending its gains due to the firmer earnings in nthe second quarter ended June 30, 2018.
Public Bank rose 16 sen to RM23.18 and CIMB six sen to RM5.72 but RHB Bank fell five sen to RM5.25.
Tenaga Nasional rose eight sen to RM14.72 and Axiata 5.5 sen to RM4.25.
Top Glove gained 12 sen to RM10.42, PPB Group 10 sen to RM19.92 and Padini six sen to RM5.91.
MyEG was the most active with 22.53 million shares done, up four sen to RM1.05.
Petronas Chemicals fell five sen to RM8.82, Uzma and IHH four sen each to RM1 and RM5.97 while Genting Bhd
and MAHB shed three sen each to RM8.63 and RM8.82.
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