IHH Healthcare surge shores up KLCI

KUALA LUMPUR: IHH Healthcare helped shore up the FBM KLCI on Wednesday and pushed it into the positive zone while a recovery in Axiata and Genting Bhd shares helped.

At 5pm, the KLCI was up 1.58 points or 0.09% to 1,686.55. Turnover was 1.67 billion shares valued at RM2.11bi. There were 401 gainers, 405 losers and 373 counters unchanged.

Among the key Asian markets, China's main equity indexes ended higher , with blue chips snapping a four-day losing streak amid cautious hopes for a de-escalation of Sino-US trade tensions and as bargain-hunting investors expect to see results from government support.

Japan's Nikkei 225 rose 1.02%, Shanghai Composite Index added 1.05% , Hang Seng Index jumped 1.33%, Taiwan's Taiex added 1.08%, and Singapore's STI inched up 0.13%.

At Bursa, IHH rose 33 sen to RM5.25 and pushed the KLCI up 4.87 points. CIMB Equities Research expects IHH’s share price to recover in 2019 as the group delivers on Turkey and Fortis.

It had on Wednesday reduced the target price from RM6.63 to RM6.40 following the release of its nine months financial results 

Genting staged a mild rebound, up 19 sen to RM6.57 while Genting Malaysia was flat at RM3 after the US$1bil suit filed by the latter against 21st Century Fox Inc and Walt Disney Co.

Axiata gained 13 sen to RM3.63 and nudged the KLCI up 2.11 points while Telekom rose six sen to RM2.31 and Maxis five sen higher at RM5.40 but Digi lost four se to RM4.12.

Among the banks, Public Bank gained eight sen to RM24.88, CIMB rose five sen to RM5.75, Maybank three sen to RM9.43 while Hong Leong Bank gained two sen to RM20.68. RHB Bank shed one sen to RM5.24.

Crude palm oil for third month delivery rose RM50 to RM2,016 per tonne on stable demand outlook.

IOI Corp added four sen to RM4.24,  KL Kepong and PPB Group flat at RM24.44 and RM17 while Sime Plantations lost 12 sen to RM4.90. 

US light crude oil rose 28 cents to US$51.84 and Brent gained 13 cents to US$60.34. 

Petronas Dagangan fell 64 sen to RM26.46. CIMB Equities Research downgraded it from Hold to Reduce as its share price has run up on expectations of a special dividend and it believes investors may be disappointed.

Petronas Chemical eased one sen to RM9.26 but Petronas Gas gained two sen to RM18.82.  Dialog added three sen to RM3.28.

Tenaga fell the most, down 46 sen to RM14.26 and erased 4.68 points from the KLCI after its disappointing results.

Tenaga’s 9M18 results were below expectations, says Maybank Investment Bank Research as it retained its Hold call with a lower target price of RM15.60 from RM16. 

Sime Darby was unchanged at RM2.43 while MISC lost four sen to RM6.46 and MAHB three sen lower at RM7.64.

The ringgit weakened against most major currencies, falling 0.3% to the US dollar to 4.2010, down 0.25% versus the pound stering to 5.3550 and shed 0.01% against the Singapore dollar to 3.0462. However, it gained 0.07 to the euro to 4.7363.