KUALA LUMPUR: Blue chips closed higher on Tuesday, lifted by solid gains in glove makers, a rebound in Tenaga Nasional and some banks as investor sentiment perked up.
At 5pm, the FBM KLCI was up 5.38 points or 0.33% to 1,627.44. Turnover was 3.73 billion shares valued at RM2.47bil. The broader market was mixed with 406 gainers, 443 losers and 412 counters unchanged.
The market and the ringgit took heart from the assurances by Finance Minister Lim Guan Eng and also a statement by Bank Negara and the Securities Commission.
Lim gave his assurance that the government will service all debt obligations related to 1Malaysia Development Bhd (1MDB). He also said the government will monitor the ringgit's performance in the foreign exchange market following the recent fall in the currency's value.
Bank Negara and the SC said the Malaysian financial markets have remained resilient. “Conditions in the capital, forex and money markets continued to be orderly, supported by ample domestic liquidity, robust market infrastructures and firm macroeconomic fundamentals,” they added in a joint statement.
The ringgit climbed 0.09% against the US dollar to 4.1278, rose 0.17% versus the pound sterling to 5.3630 and was up 0.14% against the euro to 4.6441. It ended 0.2% higher versus the Singapore dollar at 3.0419.
Emerging market stocks dipped and Chinese shares were seen weakening further on concerns of Beijing trimming support to an economy whose recent performance has beaten expectations, Reuters reported.
Japan's Nikkei 225 rose 0.19%, Hong Kong's Hang Seng Index unchanged, China's Shanghai Composite fell 0.51% and Singapore's STI lost 0.13%.
Hartalega
rose 34 sen to RM5.15 and pushed the KLCI up 1.97 points while the world's biggest glove maker, Top Glove climbed 21 sen to RM4.76 and nudged the index up nearly one point.
Tenaga advanced 12 sen to RM12.28, Press Metal 12 sen to RM4.65 while MAHB ended 29 sen up at RM7.40. Genting was up two sen to RM6.81 but GentingM shed two sen to RM5.04. Sime Darby she done sen to RM2.34.
US light crude oil rose 44 cents to US$65.99 and Brent added 34 cents to US$74.38 after the US decided to end all import waivers for Iran's oil.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
