Bursa stages mild rebound on CIMB's gains, gold climbs

  • Energy
  • Tuesday, 20 Aug 2019

Bursa Malaysia staged a mild rebound to close slightly above the key 1,600 level on Tuesday on fund buying of CIMB and selected oil stocks but the overall sentiment was still lacklustre.

KUALA LUMPUR: Bursa Malaysia staged a mild rebound to close slightly above the key 1,600 level on Tuesday on fund buying of CIMB and selected oil stocks but the overall sentiment was still lacklustre.

At 5pm, the KLCI was up 6.3 points or 0.39% to 1,602.75. Turnover was 2.06 billion shares valued at RM1.73bil. There were 369 gainers, 400 losers and 402 counters unchanged.

Spot gold rose US$6.94 or 0.46% to US$1,502.85 per troy ounce as it was seen a safe haven.

Veteran investor Mark Mobius gave a blanket endorsement to buying gold, saying that accumulating bullion will reap rewards over the long term as leading central banks loosen monetary policy and the rise of cryptocurrencies serves only to reinforce demand for genuinely hard assets.

At Bursa, CIMB rose 14 sen to RM5.18 and added 2.39 points to the KLCI, Maybank gained three sen to RM8.55, Public Bank four sen to RM20.80, RHB Bank and AmBank one sen each to RM5.52 and RM3.92. HL Bank lost eight sen to RM117.14.

Bloomberg reported Finance Minister Lim Guan Eng as saying the government expects GDP growth of between 4.5% and 5% this year. He also said the government would maintain business-friendly approach to attract investment and create jobs.

US light crude oul rose 12 cents to US$56.33 and Brent added 13 cents to US$59.87.

Petronas Dagangan rose 44 sen to RM23.30 and it was the top gainer of the day. Petronas Gas added 22 sen to RM16.20 but Petronas Chemical lost 12 sen to RM7.16 and erasing 1.69 points from the KLCI. Dialog rose three sen to RM3.51.

Cocoa grinder Guan Chong surged 38 sen to RM3.91 – the highest since May – after it proposed a one-for-one bonus share issue and a one-for-three issue of free warrants. The share price was also supported by its strong earnings.

Digi rose five sen to RM5.02, Axiata six sen to RM4.93, shrugging off part of Monday's losses on concerns about a snag in the merger between Digi major shareholder Telenor and Axiata. Maxis shed one sen to RM5.46.

Sime Darby fell three sen to RM2.11, GentingM one sen to RM3.06, Genting was flat at RM5.99, while Tenaga gained two sen to RM13.70.

Crude palm oil for third month delivery rebounded RM25 to RM2,181 per tonne.

As for plantations, Far East rose 14 sen to RM2.65, IOI Corp six sen to RM4.28, KL Kepong four sen to RM23.82, Sime Plantation one sen to RM4.72 while PPB Group was flat at RM18.80.

Meanwhile, Icon Offshore tumbled three sen to 5.5 sen with 47.3 million shares after it proposed a cash call.

Other gainers were MBM Resources, MBG, Hengyuan, MAHB and MFCB.

The ringgit weakened against the US dollar, down 0.12% to 4.1835 and shed 0.07% versus the Singapore unit to 3.0179.

However, it climbed 0.14% to the pound sterling to 5.0585 and edged up 0.09% to the euro at 4.6342.

On the external front, Reuters reported Hong Kong investors locked in profit after a four-day winning streak following Beijing's interest rate reform. China stocks ended slightly lower as investors took a breather following a strong rally in the previous session and pondered the extent and impact of Beijing's interest rate reform.

The Hang Seng index ended down 0.2% at 26,231.54, while the China Enterprises Index closed 0.2% higher at 10,132.77.

The blue-chip CSI300 index fell 0.1%, to 3,787.73, while the Shanghai Composite Index eased 0.1%, to 2,880.00 points.
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Guan Chong , Mark Mobius , gold , banks


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