The key FBM KLCI fell briefly below the crucial 1,600 level in afternoon trade on Monday on mounting selling pressure in line with the key Asian markets.
KUALA LUMPUR: Fund nibbling of Maxis and Axiata helped the FBM KLCI close on a firmer note on Monday and aided by plantations but banks especially Public Bank fell.
At 5pm, the KLCI was up 2.54 points or 0.15% to 1,644.35. Turnover was 3.87 billion shares valued at RM2.40bil. There were 500 gainers, 386 losers and 383 counters unchanged.
Emerging-market shares were subdued on Monday after a rally last week as investors looked for more signs of progress in the US-China trade talks, Reuters reported.
In Asia, Chinese mainland stocks returned from their Friday holiday to slip lower even as the central bank announced more stimulus measures. The Shanghai Composite Index shed 0.05%, CSI 300 lost 0.12%.
Hong Kong shares ended up 0.47% but Japan's Nikkei 225 ended 0.21% lower and Singapore's STI slipped 0.22%. South Korea's KOSPI stock index ended flat as the Korean won fell to its weakest since September 2017.
At Bursa, Maxis rose 21 sen to close at RM5.70 and pushed the KLCI up 2.85 points, Axiata added five sen to RM4.23 while Digi was flat at RM4.70.
Profit taking saw crude palm oil for third-month delivery falling RM24 to RM2,200. Among the plantations, PPB Group rose 28 sen to RM18.78, IOI Corp five sen to RM4.53 while KL KL Kepong added 16 sen to RM24.92 and Sime Plantation two sen to RM5.17. However, United Malacca lost 10 sen to RM.5.30.
Infrastructure companies Gamuda and IJM ended the day higher on investors' expectations the East Coast Rail Link (ECRL) would go ahead but at a smaller scale.
Gamuda rose 15 sen to RM3.25 and IJM Corp 12 sen to RM2.30. Cement producer Tasek added 17 sen to RM5.50 but Lafarge lost 12 sen to RM2.49.
Consumer stocks were mixed with Carlsberg jumping RM1.10 to RM27.16, Nestle 60 sen to RM146.10 but F&N lost 96 sen to RM36 and Dutch Lady
30 sen lower at RM64.08 while BAT gave up 12 sen to RM35.88 and Heineken 10 sen to RM24.60.
Public Bank fell 26 sen to RM22.62 and erased 1.75 points from the KLCI, extending its decline from last week, RHB Bank shed five sen to RM5.68, CIMB two sen to RM5.09 but Maybank and AmBank edged up two sen each to RM9.28 and RM4.45.
US light crude oil rose 29 cents to US$63.37 and Brent 32 cents higher to US$70.66. Petronas Gas rose eight sen to RM17.60, Petronas Dagangan four sen to RM25.04 and Petronas Chemical one sen to RM9.11 while Dialog added five sen to RM3.23.
Tenaga fell two sen to RM12.60, Genting Bhd added fiove sen to RM6.83 and GentingM one sen to RM3.20.
The ringgit fell against the key currencies. It weakened 0.24% to the US dollar to 4.0983 and shed 0.04% to the pound to 5.3490 and slumped 0.29% to the euro to 4.6028 and was down 0.09% to the Singapore dollar to 3.0213.
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