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KLCI closes off day's best, CIMB, Maybank advance

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by November 10, 2016 General

KUALA LUMPUR: CIMB Group and Malayan Banking (Maybank) helped underpin the FBM KLCI’s gains on Thursday as key Asian markets rebounded after the sell-off the previous day following Donald Trump’s shock US presidential victory.

However, some late selling reduced the day’s gains and put the KLCI still in the red over the past two days. 

At 5pm, the KLCI was up 5.12 points or 0.31% to 1,652.74. Turnover was 1.64 billion shares valued at RM2.08bil. The broader market was firm with advancers beating decliners more than three to one or 650 gainers to 207 losers and 308 counters unchanged.

Hong Kong stocks rebounded on Thursday from the previous session’s three-month low as global markets made a dramatic U-turn after a punishing sellof on Wednesday, Reuters reported.

European stocks rose  following extraordinary gains in Asia and the United States, as exuberance shot through markets and reversed initial dives.

Investors focused on Trump’s priorities – including tax cuts and higher infrastructure and defence spending, along with bank deregulation – and set aside for the moment longer-term worries about whether he will slap punitive tariffs on Chinese and Mexican exports, risking a global trade war, Reuters reported.

The ringgit fell against the US dollar to 4.2802 from 4.2352 and slipped against the Singapore dollar to 3.0428 from 3.0400. It lost ground against the pound sterling to 5.3011 from 5.2538 but firmed up against the Euro to 4.6563 from 4.6967.

CIMB was in focus on Thursday, chalking up gains of 17 sen to RM4.97 and boosting the KLCI by 2.49 points while Maybank added nine sen to RM7.96 and nudged the index up by 1.51 points. Public Bank rose 10 sen to RM19.78, and Hong Leong Bank two sen to RM13.14.

Axiata trimmed its gains to climb just one sen to RM4.71,Digi was flat at RM5.02 and Telekom shed one sen to RM6.48 while Maxis fell four sen to RM5.87.

Crude palm oil for third month deivery rose RM48 to RM2,893 – the highest since September 2012 . TAHPS added 20 sen to RM6.95, IOI Corp three sen higher to RM4.39, KL Kepong fell 14 sen to RM23.46 and PPB Group two sen to RM15.98.

Among the heavyweights, Tenaga Nasional was flat at RM14.28, IHH Healthcare added four sen to RM6.39 while Genting Bhd advanced six sen to RM7.86 and Genting Malaysia two sen to RM4.70.

Oil prices steadied on Thursday as markets recovered from their initial shock. US light crude oil slipped four cents to US$45.23 and Brent added 31 cents to US$46.67.

Petronas Dagangan added six sen to RM23.46, Petronas Chemicals fell five sen to RM6.86 but Petronas Gas lost 14 sen to RM21.84.

Among the consumer stocks, Dutch Lady added 74 sen to RM59.14 and Ajinomoto 20 sen higher at RM13.54 but BAT skidded 94 sen to RM46.42.

WCT jumped 11 sen to RM1.91 in active trade as investors were positive about the contract which it and MTD had received from the Mass Rapid Transit Corp. 

Spot gold rose US$5.85 to US$1,283 per troy ounce.

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