Late push for KLCI but broader market weakens – Business News


KUALA LUMPUR: Blue chips closed higher on Tuesday, aided by gains in Petronas Gas, Telekom Malaysia and RHB Bank, but again the broader market showed signs of weakening.

At 5pm, the FBM KLCI was up 2.32 points or 0.14% to 1,720.68. Turnover was 2.27 billion shares valued at RM2.37bil. Decliners beat advancers three to one with 640 losers to 231 gainers and 424 counters unchanged.

Among the key Asian markets, China’s blue-chip index ended at a fresh 28-month high on Tuesday, bolstered by robust gains in brokerage firms, as analysts expect the sector to benefit from the continued bull-run in the stock market, Reuters said.

Oil prices rose on Tuesday as traders looked to a meeting next week at which major crude exporters are expected to extend production cuts, though rising US output capped gains, Reuters reported.

Brent crude oil was up 47 cents at US$62.69 a barrel at 0932 GMT. US light crude was at US$56.74, up 32 cents.

Petronas Gas was the top gainer, up 48 sen to RM17.14.Hengyuan fell 26 sen to RM9.82 while  Enra was 23 sen lower at RM4.98.

PPB Group was the top performer amongst the plantations, chalking up a gain of 32 sen to RM16.88 while KL Kepong gained 14 sen to RM24.46 and Bplant added 12 sen to RM1.73. Far East fell 40 sen to RM9.20.

Telekom advanced 17 sen to RM6.15 – the biggest gains in recent months. RHB Bank, which had come under selling pressure recently on concerns about out its third quarter earnings, rebounded 16 sen to RM4.88.

Nestle added 30 sen to RM90.14 but Heineken slumped 68 sen to RM17.32 and BAT 34 sen lower at RM39.66.

Among the banks, Hong Leong Bank lost 30 sen to RM15.40.

As for tech stocks, MPI fell 34 sen to RM13.20 and Vitrox 23 sen lower at RM4.98.

Read more : thestar

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