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Tenaga nudges KLCI into positive zone

by October 28, 2016 General

KUALA LUMPUR: Mild fund support for Tenaga Nasional, Maybank and CIMB pushed the FBM KLCI slightly into the positive zone at midday on Friday but the broader market was mixed amid the weaker ringgit.

At midday, the KLCI was up 0.84 of a point or 0.05% to 1,669.87. Turnover was 773.72 million shares valued at RM789.46mil. There were 245 gainers, 387 losers and 348 counters unchanged.

Asian markets were mixed, with Japan’s Nikkei and China ekeing out gains but Taiwan, South Korean and Singapore fell.

Reuters reported the ringgit fell 0.3% as lower crude prices bode poorly for the country’s oil and gas revenues. Oil prices were set to report a weekly loss of more than 2% due to uncertainty whether OPEC would be able to coordinate a production cut big enough to curb global oversupply. 

The ringgit fell against the US dollar to 4.1978 from 4.1855 the previous day, it fell against the Singapore unit to 3.0094 from 3.0064 and slipped against the Euro ro4.5777 from 4.5717. However, it edged up against the pound sterling to 5.1115 from 5.1192.

US light crude oil edged up six cents to US$49.78 and Brent added eight cents to US$50.55.

Petronas Gas was flat at RM21.92, Petronas Chhemicals shed one sen to RM6.99 while Petronas Dagangan lost two sen to RM23.28 while SapuraKencana egded up two sen to RM1.61.

Heavyweight Tenaga rose 10 sen to RM14.42 and added 0.93 of a point to the KLCI. IHH Healthcare was flat at RM6.41, Genting Bhd climbed two sen to RM7.78 and Genting Malaysia fell six sen to RM4.67.

Public Bank rose six sen to RM19.82, CIMB four sen higher at RM5.04 and Maybank three sen to RM7.82 but Hong Leong Bank shed two sen to RM13.38.

As for telcos, Axiata  and Maxis fell three sen each to RM5.04 and RM5.97, Digi shed one sen to RM5.02 while Telekom was flat at RM6.60

Among the consumer stocks, BAT rose 24 sen to RM48.44 and F&N recovered to climb 18 sen to RM24.38 but Dutch Lady fell 20 sen to RM58.80.

Mealti Ehsan extended its gains to add 14 sen to RM1.15 while BSL Corp added 12 sen to 35 sen.

Gadang fell the most, down 40 sen to RM2.89 with 24 million shares done on profit taking after the strong run-up after its strong financial results. Gadang was downgraded to Hold from Buy at TA Securities Research with a 12-month target price of RM3.59 per share. 

Crude palm oil for third month delivery rose RM2 to RM2,788 per tonne. Kwantas added 17 sen to RM1.46. Sime Darby one sen higher at RM8.11, PPB Group was flat at RM16 but KL Kepong fell 20 sen to RM24 and IOI Corp shed one sen to RM4.50.