KLCI closes higher on Tenaga, banks' gains

  • Markets
  • Tuesday, 05 May 2020

KUALA LUMPUR: Bursa Malaysia managed to recoup half of the previous day's losses on Tuesday as funds were seen picking up Tenaga Nasional, Public Bank and Maybank.

At 5pm, the KLCI was up 12.96 points or 0.94% to 1,389.55 but off the day's high of 1,398 and year-to-date, it is down 12.54%.

Turnover was 5.76 billion shares valued at RM2.69bil. Advancers beat decliners 774 ro 162 while 339 counters were unchanged.

Bank Negara Malaysia's Monetary Policy Committee (MPC) slashed interest rates by 50 basis points to 2% which is the lowest level since 2010 as the domestic economic conditions have been affected by the Covid-19 pandemic.

The ringgit rose 0.19% to 4.3085.

Tenaga rose 26 sen to RM12.38 and lifted the KLCI by 2.32 points, IHH added three sen to RM5.18, GentingM five sen to RM2.37 and Genting three sen to RM4.11. Sime Darby shed two sen to RM1.98.

Maybank rose 10 sen to RM7.48 and added 2.76 points while Public Bank climbed 20 sen to RM16.06 and added 1.21 pints, Hong Leong Bank 10 sen to RM13.30, RHB Bank five sen to RM4.67 while CIMB and Ambank ended two sen higher to RM3.43 and RM2.94. Aeon Credit ended 25 sen higher at RM9.27.

Reuters reported oil prices jumped again on hopes for a recovery in vehicle traffic and fuel demand as some European and Asian countries along with several US states began to ease coronavirus lockdown measures.

West Texas Intermediate crude futures rose 7.75%, or $1.58, to $21.97 per barrel by 0820 GMT. The US benchmark has closed higher for the last four sessions. Brent crude futures were up 5.5%, or $1.49, at $28.69.

Petronas Dagangan rose 56 sen to RM20.50, Petronas Chemicals 10 sen to RM5.50 and Petronas Gas two sen to RM15.20 while Dialog edged up one sen to RM3.28. Hengyuan added 26 sen to RM3.51 and Petron added 21 sen to RM4.23.

Among the consumer stocks, Dutch Lady added 68 sen to RM47.80 and BAT 48 sen to RM13.26 but Carlsberg fell 24 sen to RM27.34 and F&N 22 sen to RM31.88.

Crude palm oil for third month delivery edged up RM2 to RM1,985 per tonne. Sime Plantation rose two sen to RM4.78, IOI Corp five sen to RM3.95, PPB Group four sen higher at RM16.24 but KL Kepong was flat at RM20.80.

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