KUALA LUMPUR: Firm fund buying of CIMB, Tenaga and Press Metal
, especially in late trading on Thursday, enabled the FBM KLCI to extend its rally for the fourth day.
At 5pm, the KLCI was up 4.5 points or 0.26% to 1,730.68 – the highest since Oct 19, 2018 – after being in the red most of the day. Turnover was 3.71 billion shares valued at RM3b. There were 509 gainers, 398 losers and 399 counters unchanged.
Construction stocks advanced on hopes for the revival of the East Coast Rail Link – though on a smaller scale.
Key Asian markets were mixed. Hong Kong shares rose 0.41% as signs of progress in trade talks between the United States and China boosted investor hopes that the countries could reach an agreement to end their bruising seven-month trade war, Reuters reported.
Japan's Nikkei 225 rose 0.15%, China's Shanghai Composite Index fell 0.34%, South Korea's Kospi shed 0.05% and Singapore STI edged 0.04% lower.
At Bursa, CIMB rose eight sen to RM5.84 and pushed the KLCI up 1.33 points, Hong Leong Bank six sen to RM21.38, Maybank and RHB Bank one sen higher at RM9.53 and RM5.57. Public Bank fell six sen to RM25 after the weaker fourth quarter results.
AmBank added 10 sen to RM4.55 after its earnings climbed by 59.7% to RM349.87mil in the third quarter ended Dec 31, 2018 from a year ago, boosted by higher lending volume, lower cost base and increase in recoveries.
Power giant Tenaga gained 12 sen to RM13.50 and nudged the index up 1.19 points, Press Metal gained 16 sen to RM4.28 and added 1.1 points, Genting Bhd advanced 10 sen to RM7.60 and GentingM six sen to RM3.55.
Consumer stocks were again the top gainers, with Carlsberg at the top, climbing RM1.18 to RM24.92, BAT RM1.12 higher to RM37.30 and Dutch Lady 76 sen to RM63.78 while Nestle was up 40 sen to RM150.40.
F&N was the top loser, down 42 sen to RM35.48. Apollo lost 13 sen to RM3.87 and MSM nine sen lower at RM2.31.
US light crude oil edged up two cents to US$57.18 while Brent lost eiught cents to RM67. Hengyuan added 44 sen to RM6.10, Dialog seven sen to RM3.32, Petronas Dagangan 12 sen to RM27.18 but Petronas Chemical shed 10 sen to RM9.05 and erased 1.39 points.
Sime Darby was unchanged at RM2.29. Its continuing operations posted a 69.4% increase in net profit to RM542mil for the six months ended Dec 31, 2018.
Crude palm oil for third month delivery rose RM12 to RM2,257 per tonne.
As for plantations, United Plantation rose 74 sen to RM26.98 and Batu Kawan 32 sen to RM17.30, PPB Group six sen to RM18.98, KLKepong unchanged at RM25, Sime Plantation shed one sen to RM5.27, IOI Corp lost 15 sen to RM4.58 and erased 1.64 points.
Bumi Armada closed down two sen to 20.5 sen and it was the second most active with 261.55 million shares done.
CIMB Equities Research has reduced its target price for Bumi Armada to 30 sen from its earlier 70 sen on the possibility it may need more equity if it hopes to grow its portfolio of FPSO assets, or if banks fail to agree on an extension to its debt repayment.
The ringgit fell against the major currencies, down 0.2% against the US dollar to 4.0765; shed 0.57% against the pound sterling to 5.3338 and eased 0.23% against the euro to 4.6289. It was down 0.11% versus the Singapore dollar to 3.0142.
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