KUALA LUMPUR: Blue chips staged a relief rebound on Wednesday led by CIMB and Dialog, tracking the key Asian markets, after the US delayed tariffs on some Chinese goods.
At 5pm, the FBM KLCI was up 7.43 points or 0.47% to 1, 600.31. Turnover was 2.41 billion shares valued at RM1.65bil. Advancers led decliners 450 to 319 while 402 counters were unchanged.
Key Asian markets recorded gains of between 0.4% and 1% after US President Donald Trump decided to hold back the imposition of tarifss on some Chinese goods. Weak data and political turmoil continued to weigh on risk sentiment, Reuters reported.
The yuan jumped to its highest level in a week and mainland China stocks edged higher after US President Donald Trump backed off his Sept 1 deadline for 10% tariffs on certain Chinese imports and said both sides will speak again by phone within the next two weeks.
At Bursa, CIMB rose nine sen to RM5.09 and added 1.53 points to the KLCI. Public Bank gained six sen to RM20.80, Maybank three sen to RM8.59, HL Bank two sen to RM17.42, RHB Bank one sen to RM5.56 but AmBank shed two sen to RM3.96.
Dialog rose 14 sen to RM3.53 and nudged the KLCI up 1.38 points. Maybank Investment Bank Research has a buy on the stock and a target price of RM4.88.
“Dialog’s prime land in Pengerang, operating track record and financial strength will enable it to capitalise on the demand for storage terminals in Asia.
“Maximising its Phase 3 capacity will be a catalyst for earnings growth and increasing its franchise value as a strategic hub akin to Rotterdam, in our view. Our revised SOP-based TP (+36%) incorporates: (i) higher storage capacity (+49%) and equity holdings (+4%-44%); and (ii) its greenfield land (RM1.3bil), ” it said.
Petronas Chemical recovered seven sen to RM7.31 and added nearly one point, Petronas Gas added two sen to RM16 while Petronas Dagangan slumped 32 sen to RM22.88 and erased 0.56 of a point.
US light crude oil fell 76 cents to US$56.34 and Brent 53 cents lower at US$60.77.
As for plantations, Sime Plantation added seven sen to RM4.67, KL Kepong six sen to RM23.62, IOI Corp was flat at RM4.20 but PPB Group fell eight sen to RM18.68.
Crude palm oil for third month delivery edged up RM6 to RM2, 218 per tonne.
Meanwhile, Sime Darby and Tenaga Nasional added two sen each to RM2.17 and RM13.62 while Genting and GentingM shed one sen each to RM6.04 and RM3.11.
As for telcos, Digi gained three sen to RM5 while Maxis and Axiata were flat at RM5.39 and RM4.96.
Among the consumer stocks, Carlsberg was the top gainer, up 72 sen to RM24.52, Heineken 22 seb to RM22.82 while BAT was up 10 sen to RM22.90. Nestle fell the most, down 40 sen to RM147.30.
The ringgit recovered against several currencies, advancing 0.17% to the US dollar at 4.1890; up 0.22% against the pound sterling to 5.0533; advancing 0.36% against the euro to 4.6803 while it edged up 0.04% against the Singapore unit at 3.0213.
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