Bursa snaps three days of losses as HL Bank, IOI Corp bounce


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KUALA LUMPUR: Bursa Malaysia snapped its three straight days of losses on Thursday amid the more cautious key Asian markets, aided by gains in IOI Corp, Hap Seng and Hong Leong Bank.

At 5pm, the FBM KLCI was up 5.36 points or 0.34% to 1,595.19. Turnover was two billion shares valued at RM1.66bil. The broader market was weaker with decliners beating advancers 451 to 338 while 401 counters were unchanged.

Reuters reported choppy Asian markets where MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.15%. Japan's Nikei 225 fell 0.09%, China's Shanghai Composite Index shed 0.1% and South Korea's Kospi 0.4%. However, Hong Kong's Hang Seng Index climber 0.34% and Singapore's STI hit 0.81% higher.

Crude palm oil for this month delivery fell RM33 to RM2,220 per tonne. However, IOI Corp gained 14 sen to RM4.36 and boosted the KLCI by 1.56 points, KL Kepong 12 sen to RM23.60, Sime Plantation two sen to RM4.88 while PPB Group was unchanged RM18.80.

Hap Seng Consolidated climbed 29 sen to RM9.90 and added 1.28 points to KLCI on expected firmer earnings. GentingM was up eight sen to RM3.12, Tenaga six sen to RM13.80, Sime Darby three sen to RM2.23 while Genting shed two sen to RM5.90.

Hong Leong Bank climbed 24 sen to RM16.50, Maybank four sen to RM8.57, Public Bank was flat at RM20.32 while Ambank shed two sen to RM4.07 and CIMB four sen lower at RM4.94.

US light crude oil rose 28 cents to US$56.06 but Brent fell 14 cents to US$60.35. Petronas Chemicals lost 13 sen to RM6.77 and erased 1.84 points after the recent set of weaker earnings but Petronas Dagangan added 38 sen to RM22.22 and Petronas Gas 22 sen higher at RM15.86.

The ringgit weakened against the key currencies, falling 0.11% against the US dollar to 4.2180, shedding 0.14% versus the pound sterling to 5.1438 and unchanged against the euro at 4.6717 but slipping 0.2% to the Singapore unit at 3.0389.

China's Yuan rose 0.24% against the US dollar.

Reuters reported bond markets around the world were also still grappling with recession worries. Yields on 30-year U.S. Treasuries and 10-year German bunds had both hit record lows - 1.905 percent and minus 0.716% respectively.

Inversion also remains a prominent feature across the US yield curve, where long-dated yields are below short-dated ones - a reliable indicator ahead of US recessions in the past.


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