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Public Bank, CIMB help KLCI eke out small gains at midday

by October 19, 2016 General

KUALA LUMPUR: Public Bank and CIMB Group helped nudge the FBM KLCI slightly higher at midday on Wednesday amid the weaker broader market on some profit taking after the previous day’s gains.

At 12.30pm, the FBM KLCI was up 0.72 point or 0.04% to 1,668.29. Turnover was 753.96mil shares valued at RM678.51mil. There were 288 gainers, 353 losers and 371 stocks unchanged.

Asian shares rose for a second session on Wednesday as a barrage of Chinese data confirmed the economy had stabilised on the back of government spending and a hot housing market, even if worries about debt continue to mount, Reuters reported.

The ringgit firmed up against the US dollar, the Singapore dollar and the Euro. It was at 4.1905 to the greenback from 4.1923 and gained against the Singapore dollar at 5.1437 from 5.1389 and advanced against the Euro to 4.6021 from 4.6221. However, it weakened against the pound to 5.1437 from 5.1289.

CIMB rose four sen to RM4.88 and added 0.57 to the KLCI while Public Bank rose eight sen to RM19.84 and pushed the index up 0.51 of a point. Hog Leong Bank was flat at RM13.24 but Maybank shed two sen to RM7.96.

Power giant Tenaga Nasional lost four sen to RM14.36 and erased 0.37 of a point on expectations of lower earnings in the fourth quarter ended Aug 31, 2016 compared with a year ago.

As for telcos, Axiata lost nine sen to RM5.13 and erased 1.32 points from the KLCI, Maxis shed two sen to RM5.99 but Digi and Telekom gained one sen each to RM5.01 and RM6.71.

US light crude oil rose 48 cents to US$50.77 and Brent gained 47 cents to US$52.15. Petronas Gas rose six sen toRM21.80, Peteronas Chemicals three sen higher to RM6.84 and Petronsa Dagngan two sen higher at RM23.40 while SapuraKencan was flat at RM1.65.

Among the consumer stocks, Heineken rose 20 sen to RM16.96 but BAT fell 20 sen to RM48.14 and F&N 16 sen lower at RM24.28.

Burn-in tester KESM added 38 sen to RM9.60 on brightening prospects.

Crude palm oil for third-month delivery slipped RM1 to RM2,713 per tonne. Genting Plantations fell six sen to RM10.64. IOI Corp rose two sen to RM4.51 while KL Kepong and PPB Group were flat at RM23.96 and RM16.10. Sime Darby was unchanged at RM7.90.

Panasonic Malaysia was the top gainer, up 60 sen tp RM37.50.

Among the key regional markets,

Japan’s Nikkei 225 rose 0.09% to 16,979.32;

Hong Kong’s Hang Seng Index fell 0.12% to 23,365.33;

CSI 300 rose0.05%to 3,322.93;

Shanghai’s Composite Index shed 0.1% to 3,087.54;

Hang Seng China Enterprise fell 0.3% to 9,690.75;

Taiwan’s Taiex rose 0.66% to 9,283.68;

South Korea’s Kospi rose 0.26% to 2,045.64 and

Singapore’s Straits Times Index gained 0.11% to 2,833.63.

Spot gold fell 74 cents to US$1,261.76.