KLCI rises for second day, plantation stocks in focus


  • Markets
  • Friday, 06 Dec 2019

KUALA LUMPUR: The FBM KLCI sustained its rebound for a second day as tensions eased over the possibility of US-China trade talks getting derailed.

At 12.30pm, the index rose 3.61 points to 1,567.19. Trading volume was 1.52 billion shares valued at RM714.37mil. There were 424 gainers versus 294 decliners and 333 counters unchanged.

Tenaga Nasional put on the most weight in the morning session as it jumped 16 sen to RM13.42, marking its highest for the week.

Sime Darby Plantation led plantation stocks higher, climbing 13 sen to RM5.28 while IOI addd four sen to RM4.47, KL Kepong jumped 38 sen to RM24.12 and PPB gained six sen to RM18.30.

On the broader market, United Plantation gained for a third consecutive session, rising 22 sen to RM26.22

Meanwhile, MISC may be seeing some renewed interest following an announcement at midday that its subsidiary had been awarded long-term time charter contracts valued at US$245mil.

The counter rose as much as 15 sen in early trading to RM8.30 but ended the session unchanged at RM8.15.

Among bank stocks, Public Bank slid to a two-month low after losing 16 sen to RM19.18. It was joined in the red by Hong Leong Bank, which shed 10 sen to RM16.80.

Top actively traded counters were Impiana unchanged at 2.5 sen, Khee San up 0.5 sen at 48.5 sen and KNM flat at 36 sen.

Oil prices fell on Friday after the Opec meeting agreed to increase output cuts but failed to secure production cuts after March next year.

US crude dropped 20 cents to US$58.24 a barrel and Brent crude fell 27 cents to US$63.12 a barrel.

On the currency market, the ringgit hit its strongest against the greenback in two weeks after rising 0.2% to 4.1610. It also gained 0.12% against the pound sterling at 5.4738 and 0.2% against the Singapore dollar at 3.0582.
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