PChem, Maybank underpin KLCI's gains

TheStar Fri, Jan 18, 2019 05:25pm - 5 years View Original


KUALA LUMPUR: Blue chips extended their gains to close higher on Friday on fund buying of Petronas Chemicals and Maybank as hopes for a US-China trade resolution boosted investor sentiment.

At 5pm, the KLCI was up 9.25 points or 0.55% to 1,692.22. Turnover was 3.05 billion shares valued at RM2.12bil. There were 486 gainers, 369 losers and 365 counters uchanged.

   
Chinese stocks rose, posting their third straight week of gains, buoyed by hopes that Beijing and Washington could reach a deal to end their tariff war. Also extending their gains were Hong Kong shares.

China's blue-chip CSI300 index closed up 1.8% at 3,168.17, while the Shanghai Composite Index rose 1.4% to 2,596.01. Hong Kong's Hang Seng index settled 1.3% higher at 27,090.81. 

At Bursa Malaysia, brewers were the top gainers with Heinekem up 42 sen to RM20.60 and Carlsberg 40 sen to RM20.38. BAT added 28 sen to RM37.94.

PChem rose 20 sen to RM8.60 and pushed the KLCI up 2.8 points, Petronas Gas rose six sen to RM17.78 and Petronas Dagangan added two sen to RM25. Dialog advanced eight sen to RM3.13 following positive reports from analysts.

Maybank gained 14 sen to RM9.55 and added 2.71 points to the KLCI,Public Bank 12 sen to RM24.80. CIMB two sen higher at RM5.67, RHB Bank one sen to RM5.43 bu AmBank fell three sen to RM4.50.

Tenaga Nasional rose eight sen to RM13.68, Press Metal five sen to RM4.45 while IHH was unchanged at RM5.70. Genting Bhd lost three sen to RM6.79 and Genting Malaysia seven sen to RM3.30.

The low-profile Heitech Padu hit limit-up, surging 30 sen to 86 sen with over six million shares done as its 80% owned Dapat Vista is entering the government e-services space.

Bumi Armada rose to the highest since November last year, up six sen to 22 sen with 584 million shares done after CIMB Equities Research expected its pending US$380mil loand to be refinanced. It retained its target price of 70 sen.

However, DRB-Hicom fell 12 sen to RM1.67 following a RM522.91mil suit filed by China's Goldstar Heavy Industrial Co Ltd over an aborted joint venture.

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