KLCI records best week in recent months


Bursa Malaysia joined the key Asian markets recovery as they notched gains of between 0.4% and 2.25% with Dialog, telcos, glove makers and Maybank underpinning the advance.

KUALA LUMPUR: Bursa Malaysia recorded its best week in recent months on Friday as late fund buying of key stocks Petronas Chemicals and Sime Plantation saw the FBM KLCI chalk up gains of 2.7% from a week ago.

At 5pm, the KLCI was up 6.8 points or 0.41% to 1,682.23, adding 43.60 points from a week ago. Year-to-date, it is now down 0.49% the only market in the red in the region.

Turnover improved to 2.22 billion shares valued at RM3.05bil. There were 474 gainers, 338 losers and 403 counters unchanged.

On the external front, world stocks fell, as worries about a threatened US military strike against Iran and a global trade conflict took the edge off a central bank-induced rally from earlier in the week.

The New York Times said US President Donald Trump approved military strikes against Iran on Friday in retaliation for the downing of an unmanned surveillance drone, then pulled back from launching the attacks, Reuters reported.

Japan's Nikkei 225 fell 0.95%, China's Shanghai Composite rose 0.5%, South Korea's Kospi lost 0.27% and Singapore's STI advanced 0.21%.

At Bursa, CE Technology, which was listed on the LEAP Market, closed five sen higher at 29 sen compared with its offer price of 24 sen.

A rebound in oil prices helped spur most oil counters higher, as US light crude oil gained 16 cents to US$57.23 and Brent added 37 cents to US$64,82.

YINSON advanced 25 sen to RM6.06, Petronas Chemical rose 19 sen to RM8.56 and added 2.64 points to the KLCI. Petronas Gas gained eight sen to RM17.68 but Petronas Dagangan fell four sen to RM25.46 and Dialog shed two sen to RM3.24.

Crude palm oil for third month delivery rose RM10 to RM2,033 per tonne. Among plantations, Sime Plantation regained its momentum, climbing 18 sen to RM4.96 and giving the KLCI a 2.15 point boost.PPB Group added two sen to RM18.70, KL Kepong fell four sen to RM24.54 and IOI Corp eight sen lower at RM4.25.

Hong Leong was the best performer among the banks, advancing 50 sen to RM19.50, RHB Bank three sen to RM5.62, AmBank two sen to RM4.41 while Maybank and CIMB were flat at RM8.94 and RM5.23 and Public Bank shed two sen to RM23.06.

Among the other KLCI stocks, GENTING BHD added 10 sen to RM7.01, IHH three sen to RM5.79, Top Glove nine sen to RM5, Sime Darby and Tenaga Nasional two sen each to RM2.30 and RM13.90.

The ringgit slipped against the US dollar, down 0.07% to 4.1500, and shed 0.05% against the Singapore dollar to 3.0599. It rose 0.21% versus the pound sterling to 5.2648 but lost 0.17% to the euro at 4.6943.

 


   

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