MISC, Public Bank shore up KLCI

  • Markets
  • Tuesday, 28 Apr 2020

KUALA LUMPUR: Fund buying of MISC and Public Bank ensured the FBM KLCI ended Tuesday on a firmer note though the broader market was weaker.

At 5pm, the KLCI was up 2.04 points or 0.15% to 1,372.20. Turnover was 5.02 billion shares valued at RM2.49bil. Decliners beat advancers 548 to 305 and 369 counters were unchanged.

Brent crude fell 83 cents, or 4.1%, to $19.16 a barrel at 0808 GMT, following a 6.8% slide on Monday. US West Texas Intermediate (WTI) crude was down $2.57, or 20%, at $10.21 a barrel. The contract plunged 25% on Monday.

Petronas Dagangan jumped 52 sen to RM22.26 and Petronas Gas added 10 sen to RM15.26. However, Petronas Chemicals fell 17 sen to RM5.09 and erased 2.12 points

LNG shipper MISC bounced 48 sen to RM8.38 and added 3.33 points to the KLCI as analysts turned positive.

As for consumer stocks, Nestle rose 50 sen to RM139, BAT 32 sen to RM12.10 but Dutch Lady fell 50 sen to RM47.50 and Heineken 44 sen to RM23.56.

Among the banks, Public Bank held on to its gains, up 18 sen to RM15.94 and added 1.09 points, Maybank fell four sen to RM7.36, CIMB 11 sen lower to RM3.41 and Hong Leong Bank four sen to RM13.20.

Insurer LPI lost 28 sen to RM12.70 while Aeon Credit fell17 sen to RM9 and HLFG 12 sen to RM12.68.

As for plantations, United Plantation gave up some recent gains, shedding 20 sen to RM5.09.

PPB Group rose 22 sen to RM16.38 and IOI Corp six sen higher at RM3.86 but Sime Plantation lost three sen to RM4.77.

As for telcos, Maxis rose six sen to RM5.36, Digi eight sen to RM4.56 but Axiata unchanged at RM3.70.

Hong Kong shares climbed to their highest level in more than a week, as the financial hub showed some signs of returning to normalcy with civil servants set to head back into offices after the government eased lockdown restrictions, Reuters reported.

The Hang Seng index was up 1.2% at 24,575.96, having reached its highest level since April 17 during the session. The Hang Seng China Enterprises index gained 1.1%.

In China, the Shanghai Composite index closed down 0.2% at 2,810.02, having dipped to its lowest level in over three weeks and then fitted in and out of positive territory during the session.

In Japan, the benchmark Nikkei average slipped 0.1% to close at 19,771.19, a day after the index posted a hefty gain of 2.7% and ahead of the Showa Day holiday on Wednesday.

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