Tenaga powers KLCI despite slump in Petronas stocks, ringgit jumps


KUALA LUMPUR: Tenaga Nasional powered blue chips higher on Monday as appetite for riskier assets improved in line with the firmer key Asian markets following the US Federal Reserve's flexible policy on interest rates. 

However, Petronas-linked stocks fell despite the jump in crude oil prices, restraining the KLCI's further advance.

At 5pm, the FBM KLCI was up 9.39 points or 0.56% to 1,679.17. Turnover was 2.50 billion shares valued at RM1.92bil. There were 604 gainers, 294 losers and 336 counters unchanged.

China shares ended higher  after the central bank moved to support economic growth with a broad cut in the amount of cash banks must hold as reserves, but ongoing uncertainty over the economy and outlook for trade continued to weigh on the market, Reuters reported. 

The ringgit advanced against key currenices, riding on the firmer crude oil prices. It rose 0.53% against the US dollar to 4.1143, climbed 0.11% to the pound sterling at 5.2387 and advaced 0.36% against the euro to 4.7052 and gained 0,24% to the Singapore unit at 3.0320.

Tenaga rose 48 sen to RM13.94 and pushed the KLCI up 4.81 points.

As for banks, Maybank rose 11 sen to RM9.46 and added 2.14 points, AmBank jumped 24 sen to RM4.58, Hong Leong Bank 10 sen to RM20.60, Public Bank four sen to RM24.70 and CIMB edged up one sen to RM5.64 while RHB Bank was flat at RM5.35.

Crude palm oil for third month delivery fell RM20 to RM2,152 per tonne.

Sime Plantations gained 20 sen to RM5 and nudged the KLCI up 2.4 points, PPB Group and IOI Corp were flat at RM17.18 and RM4.35 while KL Kepong fell 14 sen to RM24.06.

IHH was up 12 sen to RM5.56, GENTING BHD 13 sen to RM6.06, Sime Darby and GentingM seven sen each to RM2.36 and RM3.11.

Among glove makers, Hartalega fell 38 sen to RM5.75 and wiped out 2.23 points, Top Glove lost 24 sen to RM5.30 and KL Kepong 14 sen to RM24.06.

Us light crude oil rose 85 cents to US$48.81 and and Brent was up US$1.12 to US$58.18.

Petronas Chemical slumped 33 sen to RM8.93 and erased 4.66 points, Petronas Gas 42 sen to RM18 and Petronas Dagangan 20 sen to RM25.70 while Dialog shed seven sen to RM2.84.

Semicon stocks climbed, with KESM leading the way with a gain of 80 sen to RM8.25, Pentamaster 32 sen to RM2.64, Dufu 20 sen to RM1.67 and MPI 19 sen to RM9.84.

DPI Holding, which was listed on the ACE Market, rose two sen to 27 sen. It was the most active with 128.48 million shares done.
 

 

Business News , Markets , Oil & Gas , Plantations

   

Across The Star Online