Late buying of Tenaga pushes KLCI to higher close

  • Business
  • Monday, 15 Jul 2019

KUALA LUMPUR: Late fund buying of Tenaga Nasional pushed the FBM KLCI into the positive zone on Monday while key Asian markets climbed following encouraging economic data from China.

At 5pm, the KLCI was up 2.92 points or 0.17% to 1,672.37 after spending most of the day in the negative zone. Turnover was 3.01 billion shares valued at RM1.65bil. There were 375 gainers, 469 losers and 406 counters unchanged.

Reuters reported Asian shares climbed as investors were relieved after encouraging Chinese data suggested the world's second-biggest economy may be starting to stabilise thanks to ramped-up stimulus from Beijing.

Second quarter economic growth slowed to 6.2% from a year earlier, the weakest pace in at least 27 years while separate data showed the country's industrial output and retail sales handily topped forecasts.

MSCI's broadest index of Asia-Pacific shares outside Japan reversed earlier losses to be 0.2% higher. Chinese shares were down before Monday's data release, after which they pared losses and then produced gains for the day. The blue-chip index gained 0.4% for the day. 

Hong Kong's Hang Seng index was up 0.2%. Australian shares lost 0.7% while South Korea's KOSPI slipped 0.2%, according to Reuters.

At Bursa, Tenaga rose 20 sen to RM13.88 and lifted the KLCI by 1.78 points. Genting Malaysia added 10 sen to RM3.39, MAHB six sen higher at RM8.82, Genting three sen to RM6.65, Sime Darby one sen to RM2.30.

As for banks, RHB Bank gained three sen to RM5.76, Public Bank two sen to RM22.98 but Maybank lost two sen to RM8.90, Hong Leong Bank was flat at RM18.60 while CIMB shed two sen to RM5.18 and AmBank one sen lower at RM4.30.

Crude oil chalked up some gains, which saw Dialog advancing six sen to RM3.44, Petronas Gas added two sen to RM17.22 but Petronas Chemical lost six sen to RM8.36 and Petronas Dagangan 14 sen to RM24.62.

Consumer stocks were mixed. BAT rose RM1.02 to RM30.50 and Nestle 40 sen to RM148 but Dutch Lady lost 40 sen to RM63.60 and Carlsberg 12 sen lower at RM24.50.

Crude palm oil for third month delivery rose RM10 to RM1,954 per tonne.

PPB Group rose six sen to RM18.80, Sime Darby Plantation ekjed out a two sen gain to RM4.85 but IOI Corp lost three sen to RM4.22 and KL Kepong six sen lower at RM24.20.

The ringgit rose 0.11% to the US dollar to 4.1085 but slipped 0.05% to the pound sterling to 5.1591 and also fell by 0.05% against the euro to 4.6332 and was down by 0.09% to the Singapore unit at 3.0299.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 7
Cxense type: free
User access status: 3

What do you think of this article?

It is insightful
Not in my interest

Across The Star Online