Tenaga, Hong Leong lift KLCI, DRB-Hicom up in active trade

  • Business
  • Friday, 31 May 2019

KUALA LUMPUR: Blue chips continued their advance on Friday, the last trading day in May, with some fund buying seen in key stocks like Tenaga Nasional and Hong Leong Bank while DRB-HICOM surged in active trade.

At 10.40am, the KLCI was up 6.4 points or 0.39% to 16,42.90. Turnover was 791.72 million shares valued at RM559.84mil. There were 275 gainers, 314 losers and 319 counters unchanged.

Meanwhile, Stocks in Asia pared losses, though Treasury yields remained lower with US equity futures after President Donald Trump opened a new front in the trade war, threatening to place escalating import tariffs on Mexico in an effort to curb illegal immigration, Bloomberg reported.

Japanese shares pared a retreat, while South Korean shares reversed declines and stocks in Hong Kong and China fluctuated. Futures on the S&P 500 Index headed for their worst week since the global market rout in December. Ten-year Treasury yields plumbed fresh 20-month lows.

The latest move by the self-described Tariff Man would put 5% American duties on all Mexican imports on June 10, rising to 25% in October unless Mexico halts "illegal migrants” heading to the US. The tweet sent the Mexican peso down about 2%. The yen advanced and crude oil slid.

At Bursa, Hong Leong Bank rose 28 sen to RM19, Bursa Malaysia 28 sen also to RM6.32, Tenaga 14 sen to RM12.54, Sime Plantation and MAHB 11 sen each to RM4.67 and RM7.23.

DRB-Hicom jumped 14 sen to RM2.12 in active trade after it turned in operational profit for the first time in three years.

Heineken gained 14 sen also to RM23.58 but Nestle fell 70 sen to RM146.60, Carlsberg lost 18 sen to RM24.20 and Ajinomoto 14 sen lower at RM17.44.

SAM Engineering climbed 14 sen to RM7.98 but KESM fell 10 sen to RM7.10.

Among the plantations, KL Kepong lost 12 sen to RM24.20 and PPB Group 10 sen to RM18.70.

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