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CIMB, Maybank underpin KLCI's rebound as Asia stocks climb

by November 10, 2016 General

KUALA LUMPUR: CIMB Group, Malayan Banking (Maybank) and Axiata Group underpinned the FBM KLCI’s rebound at midday on Thursday as investor sentiment recovered from the sell-down the previous day following Donald Trump’s election as the US president.

At 12.30pm, the KLCI was up 11.72 points or 0.71% to 1,695.34. Turnover was 956.08 million shares valued at RM843.59mil. There were 570 gainers, 164 losers and 278 counters unchanged.

Reuters reported Asian shares rebounded on and the US dollar firmed in a remarkable snap-back from Trump’s shock  victory, though the speed of the reversal left some market watchers scratching their heads.

MSCI’s broadest index of Asia-Pacific shares outside Japan  bounced 1.8% after slumping 2.4% on Wednesday as global markets plunged on signs that Trump was sweeping to power. The Nikkei recouped all of Wednesday’s 5% loss and more to trade up roughly 6% as the yen weakened following the previous session’s surge,  Reuters reported.

However, the ringgit weakened against the US dollar to 4.2557 from 4.2352 and slipped further against the Singapore dollar to 3.0426 from 3.0400 and lost ground against the pound sterling to 5.2833 from 5.2538. However, it firmed up against the Euro to 4.6517 from 4.6967.

At Bursa Malaysia, CIMB added 19 sen to RM4.99 and pushed the KLCI up 2.79 point while Maybank gained 11 sen to RM7.98 and nudged up 1.86 points. Public Bank rose 10 sen to RM19.78, RHB Bank and AmBank gained three sen each to RM4.76 and RM4.09 but Hong Leong Bank fell two sen to RM13.10.

Crude palm oil for third month delivery fell RM29 to RM2,816 per tonne.  KL Kepong rose 20 sen to RM23.80,  Simer Darby six sen to RM8.26 while IOI Corp gained three sen to RM4.39 while PPB Group was flat at RM16.

Ekovest surged 22 sen to RM2.57 as investors were upbeat on its corporate exercise. WCT added 15 sen to RM1.95 after its secured more contracts.

Dutch Lady was the top gainer, up 74 sen to RM59.14 with 200 shares done and Ajinomoto gained 26 sen to RM13.60.  BAT fell 62 sen to RM47.30.

Crude oil slipped as US crude stocks rose by 2.4 million barrels to 485 million barrels last week even though refineries hiked output and imports fell.  US light crude oil down 16 sen to RM45.11 and Brent was down three sen to US$46.33. 

Petronas Dagangan rose eight sen to RM23.48 and Petronas Chemicals edge dup one sen to RM6.91 but Petronas Gas fell two sen to RM21.96. SapuraKencana gained four sen to RM1.52.

As for telcos, Axiata rose 10 sen to RM4.80 and nudged the KLCI up 1.48 points. However, Digi fell two sen to RM5, Maxis four sen lower at RM5.87 and Telekom shed one sen to RM6.48.

Among the heavyweights, Tenaga was flat at RM14.28, Genting rose rose 14 sen to RM7.94 and Genting Malaysia seven sen to RM4.75.