China's upbeat data boosts Bursa, Asian markets

  • Markets
  • Monday, 02 Dec 2019

market report up

KUALA LUMPUR: Asian markets including ended Monday, the first trading day of December, higher as investors' appetite for riskier assets perked up following positive factory data from China.

At 5pm, the KLCI closed up 8.8pt or 0.56% to 1,570.5, boosted by telcos and Sime Plantation. Turnover was 2.04 billion shares valued at RM1.41bil. The broader market was firmer with 441 gainers, 376 losers and 374 counters unchanged.

Reuters reported the Hang Seng index ended 0.37% firmer, while the China Enterprises Index gained 0.6%, boosted by upbeat factory data on the mainland, while cloudy outlook over a US-China interim trade deal and pro-democracy protests in the Asian financial hub kept gains in check.

The HK market also enjoyed a boost after the Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) index rose to 51.8 in November from 51.7 in the previous month, marking the fastest expansion since December 2016, the wire report added.

Japan's Nikkei 225 rose 1.01%, Shanghai Composite Index gained 0.13%, Taiwan's Taiex 0.12%, South Korea's Kospi 0.1% but Singapore's STI fell 0.2%.

At Bursa, plantations were among the top gainers as crude palm oil (CPO)for third month futures held steady above the key RM2,700 level. At 5.05pm, it was down RM7 to RM2,737 per tonne.

Sime Darby Plantation rose 14 sen to RM5.12 and added 1.7 points to the KLCI, KL Kepong gained 40 sen to RM23.74, IOI Corp four sen to RM4.39 and PPB Group six sen higher at RM18.26.

Among the telcos, Digi jumped 15 sen to RM4.63 and lifted the KLCI 2.06 points. Axiata added 10 sen to RM4.23 and lifted the index by 1.62 points while Maxis was seven sen higher to RM5.25 and nudged the index by nearly one point.

Nestle was the top gainer, up RM2.40 to RM145.70. However, Dutch Lady slumped RM4.50 to RM51.30 and BAT 30 sen lower at RM16.

US light crude oil rebounded 96 cents to US$56.13 and Brent 90 sen to US$61.39. Reuters reported the rebound was supported by hints that OPEC and its allies may agree to deepen output cuts at a meeting this week and as rising

manufacturing activity in China suggested stronger demand.

Petronas Dagangan added 40 sen to RM23.30, Petronas Chemicals and Petronas Gas four sen higher to RM7.10 and RM15.54 while Dialog gained five sen to RM3.40. Dayang Enterprise rallied 15 sen to RM2.19.

As for banks, Public Bank fell six sen to RM19.56, AmBank five sen to RM3.94, Maybank two sen to RM8.51 and RHB Bank shed one sen to RM5.65. CIMB added one sen to RM5.19 and Hong Leong Bank four sen to RM16.94,

Recently listed Solarvest rose 10 sen to 87 sen and it saw 104.36 million shares done.

Tenaga extended its decline eight sen to RM13.08 and wiped out 0.71 points. Last Friday, it skidded 56 sen to RM13.16 and wiped out 5.63 points from the KLCI after a whopping tax bill of RM3.98bil.

Spot gold fell US$8.57 to US$1,455.38 per troy ounce.

The ringgit weakened by 0.05% against the US dollar to 4.1797, slipped 0.18% to the pound sterling to 5.3988 and shed 0.19% against the euro to 4.6047 but gained 0.05% against the Singapore dollar to 3.0546.

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