IHH leads KLCI up after Fortis deal blocked


  • Markets
  • Friday, 15 Nov 2019

KUALA LUMPUR: Shares of IHH Healthcare gave the FBM KLCI the much needed lift to return to the positive zone after a volatile day on Friday – despite some late selling pressure – while key Asian markets closed higher.

At 5pm, the KLCI had closed up 1.2 points or 0.08% to 1,594.75 after trading between 1,592 and 1,596. Turnover was 2.69 billion shares valued at RM1.69bil. There were 382 gainers, 423 losers and 454 counters unchanged.

Hopes of a trade deal between Washington and Beijing turned world stock markets and other risk assets higher on Friday. Reuters reported Europe's main bourses followed Asia and Wall Street higher after White House economic advisor Larry Kudlow said on Thursday that the US and China were getting close to an agreement and were talking every day.

On the external front, Japan's Nikkei 225 closed up 0.7%, Hng Kong's Hang Seng Index added 0.01%, Shanghai Composite Index fell 0.64%, Taiwan;s Taiex added 0.66%, South Korea's Kospi jumped 1.07% and Singapore's STI gained 0.07%.

At Bursa, IHH closed 11 sen higher at RM5.35 and pushed the KLCI up 1.7 points as investors were positive that India’s Supreme Court refused to lift the block on completion of the takeover of embattled hospital chain Fortis Healthcare Ltd.

Meanwhile, Tenaga Nasional added eight sen to RM13.68 and nudged the KLCI up 0.8 of a point, Sime Darby two sen to RM2.36, Genting gained one sen to RM6.12, GentingM was flat at RM3.22 while MAHB fell seven sen to RM8.24.

Among the consumer stocks, F&N was the top gainer, up 26 sen to RM34.86, Heineken added 16 sen to RM26.30 but Nestle lost RM1.30 to RM143.70, BAT fell 18 sen to RM17 and Dutch Lady 12 sen to RM57.88.

AmBank rose five sen to RM4.20, CIMB two sen to RM5.22, HL Bank unchanged at RM17, Maybank and RHB Bank shed one sen each to RM8.66 and RM5.78 while Public Bank lost six sen to RM19.90.

As for telcos, Axiata eked out one sen to RM4.27, Maxis shed one sen to RM5.37 and Digi six sen lower at RM4.58. Telekom fell seven sen to RM3.68.

Crude palm oil for third month delivery fell RM34 to RM2,572 per tonne on profit taking. KL Kepong lost 12 sen to RM22.40, PPB Group two sen to RM18.02, IOI Corp flat at RM4.40 while Sime Plantation eked out a one sen gain to RM5.11. Batu Kawan rose 10 sen to RM15.50 and Genting Plantations eight sen to RM10.18.

US light crude oil inched up one cent to US$56.78 but Brent slipped 13 cents to US$62.15. Petronas Chemical advanced four sen to RM7.44, Dialog flat at RM3.44, Petronas Gas lost six sen to RM16.42 and Petronas Dagangan 20 sen lower at RM23.76.

Carimin added eight sen to RM1.44, SAPURA ENERGY one sen to 30 sen and Bumi Armada 3.5 sen higher at 52.5 sen.

The ringgit rose 0.05% against the US dollar to 4.1543 but slipped 0.21% against the pound sterling to 5.3498, shed 0.06% to the euro to 4.5791 and eased 0.01% to the Singapore unit at 3.0507.


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IHH healthcare , KLCI , late selling , Kudlow

   

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