PChem, Maybank underpin KLCI's gains

KUALA LUMPUR: Blue chips extended their gains to close higher on Friday on fund buying of Petronas Chemicals and Maybank as hopes for a US-China trade resolution boosted investor sentiment.

At 5pm, the KLCI was up 9.25 points or 0.55% to 1,692.22. Turnover was 3.05 billion shares valued at RM2.12bil. There were 486 gainers, 369 losers and 365 counters uchanged.

Chinese stocks rose, posting their third straight week of gains, buoyed by hopes that Beijing and Washington could reach a deal to end their tariff war. Also extending their gains were Hong Kong shares.

The blue-chip CSI300 index closed up 1.8% at 3,168.17, while the Shanghai Composite Index rose 1.4% to 2,596.01. Hong Kong's Hang Seng index settled 1.3% higher at 27,090.81. 

At Bursa Malaysia, brewers were the top gainers with Heinekem up 42 sen to RM20.60 and Carlsberg 40 sen to RM20.38. BAT added 28 sen to RM37.94.

US crude oil rose 46 cents to US$52.53 and Brent gained 45 cents to US$61.63.

PChem rose 20 sen to RM8.60 and pushed the KLCI up 2.8 points, Petronas Gas rose six sen to RM17.78 and Petronas Dagangan added two sen to RM25. Dialog advanced eight sen to RM3.13 following positive reports from analysts.

Maybank gained 14 sen to RM9.55 and added 2.71 points to the KLCI,Public Bank 12 sen to RM24.80. CIMB two sen higher at RM5.67, RHB Bank one sen to RM5.43 bu AmBank fell three sen to RM4.50.

Tenaga Nasional rose eight sen to RM13.68, Press Metal five sen to RM4.45 while IHH was unchanged at RM5.70. GENTING BHD lost three sen to RM6.79 and Genting Malaysia seven sen to RM3.30. Sime Darby fell four sen to RM2.30.

The low-profile Heitech Padu hit limit-up, surging 30 sen to 86 sen with over six million shares done as its 80% owned Dapat Vista is entering the government e-services space.

Bumi Armada rose to the highest since November last year, up six sen to 22 sen with 584 million shares done after CIMB Equities Research expected its pending US$380mil loand to be refinanced. It retained its target price of 70 sen.

However, DRB-HICOM fell 12 sen to RM1.67 following a RM522.91mil suit filed by China's Goldstar Heavy Industrial Co Ltd over an aborted joint venture.

Crude palm oil for third month delivery rose RM18 to RM2,216 per tonne, the highest since Oct 23.

IOI Corp fell three sen to RM4.64, KL Kepong was flat at RM24.30 while Sime Plantation added one sen to RM5.11 and PPB Group advanced six sen to RM17.58.

The ringgit rose against the US dollar by 0.02% to 4.1125 but fell 0.62% against the pound sterling to 5.3234. It shed 0.05% against the euro and Singapore dollar to 4.6876 and 3.0340. 

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