KUALA LUMPUR: Blue chips edged higher on Monday, regaining their momentum on fund buying of IHH Healthcare, Petronas Chemical and Axiata.
At 5pm, the KLCI was up 3.29 points or 0.19% to 1,757.96. Turnover was 3.13 billion shares valued at RM2.24bil. Advancers led decliners 551 to 354 while 409 counters were unchanged.
Last Friday, the KLCI closed lower, snapping nine-days of gains on foreign selling.
According to MIDF Research, net selling by global funds last week fell by more than half from RM531.8mil to RM247.1mil, which was the smallest weekly attrition recorded so far in 2018.
On the external front, key Asian markets were mostly higher except for Japan's Nikkei 225,down 1.33%, and South Korea's Kospi falling 0.87%/
China stocks rose, aided by strength in financials and industrial stocks, but a slump in healthcare shares amid a vaccine scandal capped broader gains. The blue-chip CSI300 index rose 0.9% to 3,525.75 while the Shanghai Composite Index ended up 1.1% at 2,859.54.
At Bursa, consumer stocks were among the top gainers with Nestle up 60 sen to RM148.60, BAT 48 sen to RM34.18 and Heineken 32 sen to RM23.16. Carlsberg lost 10 sen to RM18.88.
Vitrox rose 34 sen to RM5.79 after the tech-related stock was upgraded while chip-maker MPI gained 22 sen to RM11.74 and KESM gained 20 sen to RM17.50.
Country Heights jumped 21 sen to RM1.50 on expectations that it would be back in favour.
Among the KLCI stocks, IHH added eight sen to RM6.08 and gave the index a 1.17 point lift, KLCC added 19 sen to RM7.78 but Tenaga fell four sen to RM14.78. Genting Malaysia rose one sen to RM5.13 but Genitng Bhd four sen lower to RM8.81.
US light crude oil rose 29 cents to US$68.55 and Brent added 58 cents to US$73.65.
Petronas Chemical added seven sen to RM8.81, Petronas Dagangan 20 sen higher at RM26 but Petronas Gas fell six sen to RM18.30. Dialog was flat at RM3.31.
CIMB climbed five sen to RM5.86, Maybank and Public Bank two sen higher to RM9.81 and RM23.96 but Hong Lseong Bank lost six sen to RM18.44 and RHB Bank seven sen to RM5.33.
Crude palm oil for third month delivery fell RM19 to RM2,175 per tonne.
As for plantations, IOI Corp gained four sen to RM4.56, PPB Group two sen to RM19.82, KL Kepong shed two sen to RM24.38.
Sime Darby Plantation
eased two sen to RM5.16, Sime Darby lost one sen to RM2.43 and Sime Darby Property rose eight sen to RM1.36.
In the latest update, Sime Darby Property is optimistic about the prospects of its Malaysian Vision Valley (MVV) development despite the fact that the Kuala Lumpur High-Speed Rail (HSR) project has been scrapped.
Sime Darby Property township COO Datuk Wan Hashimi Albakri was quoted saying on Monday said the developer has engaged the new government about MVV, who are also optimistic about the MVV.
As for the ringgit, it shed 0.01% to the US dollar to 4.0625, slumped 0.86% to the pound sterling, fell 0.58% to the euro at 4.7557 and ended 0.28% down to the Singapore dollar at 2.9788.
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