KUALA LUMPUR: Some mild buying of Tenaga, Maybank and IHH Healthcare on Tuesday after the selldown the previous day enabled the key FBM KLCI to close above the key 1,500 level.
At 5pm, the KLCI was up 10.82 points or 0.73% to 1,500.88 but this was just one-fourth of the losses the previous day after the collapse of the Pakatan Harapan (PH) government and resignation of Tun Dr Mahathir Mohamad as prime minister.
Reuters reported Dr Mahathir was proposing to lead a unity government and has invited lawmakers from across rival political parties to join.
Quoting sources, Reuters reported Dr Mahathir proposed the idea of a grand coalition to leaders of the major political parties he met on Tuesday morning, including those from the disbanded PH and the parties they defeated in the 2018 election.
Meanwhile, turnover on Bursa was 3.13 billion shares valued at RM2.75bil. Evidence of an uptick in investor sentiment was reflected in the broader market where advancers beat decliners 531 to 380 while 407 counters were unchanged.
Most key Asian markets except Japan, which opened on Tuesday, chalked up some gains as selling pressure and anxieties over the Covid-19 coronavirus ebbed. The Nikkei 225 tumbled 3.34% and Shanghai Composite lost 0.6% but Hang Seng Index added 0.27%, Kospi 1.18% and Singaore's STI 0.51%.
At Bursa, Carlsberg managed to recoup most of the previousday's losses when it closed up RM2.24 to RM37.20 and Heineken 64 sen to RM29.
F&N added RM1.06 to RM31.36 and BAT 68 sen higher at RM14.64. However, Nestle fell 40 sen to RM142.
Tenaga rose 16 sen to RM12.30 and added 1.61 points to the KLCI, IHH nine sen to RM5.69, MISC eight sen to RM7.50 while Sime Darby added one sen to RM2. GentingM eked out a one sen gain to RM2.96 while Genting shed ofur sen to RM5.23.
Maybank rose eight sen to RM8.28 and added 1.60 points, Public Bank 12 sen to RM17.52, CIMB four sen to RM4.90 while RHB Bank and HLBank closed up six sen each to RM5.56 and RM15.12. AmBank was flat at RM3.76.
As for telcos, Axiata rose seven sen to RM4.21 and gave the KLCI a boost of 1.14 points, Maxis gained six sen to RM5.45 and Digi four sen to RM4.19.
Crude palm oil tumbled RM88 to RM2,455 per tonne to enter a bear market. It fell 22.2% from a high of RM3,134 on Jan 10.
Among the plantations, Sime Plantation rose six sen to RM4.96, KL Kepong four sen to RM22.24 but PPB Group lost four sen to RM17.90 and IOI Corp five sen to RM4.25.
US light crude oil fell six cents to US$51.37 but Brent gained seven cents to US$56.37.
Petronas Dagangan fell 20 sen to RM21.40, Petronas Gas lost 10 sen to RM16.40 but Petronas Chemicals gained four sen to RM6.40 and Dialog three sen to RM3.35.
The ringgit fell against major currencies, down 0.17% against the US dollar ro 4.2338; down 0.59% versus the pound sterling to 5.4937; lost 0.53% to the euro to 4.5987 and weakened 0.45% against the Singapore unit to 3.0283.
Did you find this article insightful?
100% readers found this article insightful