KLCI closes near day's high, Axiata, PChem lift

  • Markets
  • Tuesday, 07 Jan 2020

KUALA LUMPUR: Blue chips chalked up some solid gains on Tuesday, rebounding from the previous day's losses, on fund buying of telcos, Petronas Chemicals and banks as worries about the Mideast tensions eased.

The KLCI closed up 13.28 points or 0.83% to 1,611.04. Turnover was 2.99 billion shares valued at RM1.80bil. There were 441 gainers, 388 losers and 428 counters unchanged.

On the external front, China's benchmark index closed at its highest level in more than eight months, resuming a rally prompted by hopes of a brighter trade outlook and more policy support, as worries over Middle East tensions eased, Reuters reported.

The Shanghai Composite index ended 0.69% higher at 3,104.80, its highest close since April 25, 2019. Its CSI300 index gained 0.75% to its highest close since Feb 5, 2018.

The Nikkei share average rose 1.60% to 23,575.72, recovering much of its losses posted in the previous session, though it failed to break above a resistance from 25-day moving average at 23,614.

At Bursa, Axiata closed 20 sen higher at RM4.36 and powered the KLCI up 3.23 points, Maxis gained 12 sen to RM5.45 and added 1.65 points while Digi rose four sen to RM4.53.

Public Bank rose 22 sen to RM20.12 and lifted the KLCI by 1.5 points, RHB Bank 19 sen to RM5.93, HL Bank six sen to RM17.66, Maybank and AmBank were flat at RM8.65 and RM3.83.

US light crude oil fell 19 cents to US$63.08 and Brent was down 23 cents to US$68.68.

Petronas Chemicals ended 12 sen up to RM7.57 and nudged the index up 1.7 points, Petronas Gas was eight sen higher at RM16.96 but Petronas Dagangan shed two sen to RM23.08. Dialog added four sen to RM3.52.

Crude palm oil for third month delivery fell RM4 to RM3,038, off the intra-day high of RM3,085.

As for plantations, PPB Group climbed 50 sen to RM19.28, Sime Plantation 10 sen to RM5.48, IOI Corp unchanged at RM4.72, KL Kepong shed four sen to RMRM24.94.

IHH added 13 sen to RM5.60, Sime Darby three sen to RM2.26, GentingM one sen to RM3.29, Genting two sen to RM6.02, MISC and Tenaga lost four sen each to RM8.43 and RM13.06.

MAHB fell 30 sen to close at RM7.26 on investors concerns about the abrupt change in the top post.

Allianz fell 38 sen to RM16.34, of the intra-day low of RM16.04. Maybank Investment Bank Research had downgraded the stock after the recent rally.

Spot gold rose 79 cents to US$1,566.53 per troy ounce.

The ringgit rose 0.32% against the US dollar to 4.0905, advanced 0.27% versus the euro to 4.5768 and gained 0.14% to the Singapore dollar to 3.0361. Howevber, it fell 0.32% against the pound sterling.

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Mideast tensions , KLCI , rebound , banks


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