Public Bank's late surge lifts KLCI above 1,700

TheStar Tue, Jan 22, 2019 05:55pm - 5 years View Original


KUALA LUMPUR: Public Bank's late surge pushed the FBM KLCI above the key 1,700 level on Tuesday after staying in the red most of the day in line with key Asian markets.

At 5pm, the KLCI was up 9.9 points or 0.59% to 1,702.12. Turnover was 3.32 billion shares valued at RM2.12bil. The broader market was cautious with 556 loser to 332 gainers and 329 counters unchanged.

   
Hong Kong stocks closed lower after the global economic outlook grew murky, fresh tensions emerged between the United States and China, while shares of market leader Tencent faltered, Reuters reported.

At Bursa, Public Bank climbed 38 sen to RM25.18 and pushed the KLCI up 2.59 points. CIMB added 10 sen to RM5.77, RHB Bank and AmBank three sen each to RM5.46 and RM4.53 while Hong Leong Bank shed two sen to RM20.70 and Maybank lost four sen to RM9.51.

Oil prices fell on signs that an economic slowdown in China, the world's second-largest economy and oil consumer, was spreading, stoking concerns over future fuel demand, Reuters reported.

International Brent oil futures fell 48 cents to US$62.26 per barrel while US West Texas Intermediate lost 37 cents to US$53.43.

Petronas Dagangan jumped RM1 to RM26 and pushed the KLCI up 1.74 points but Petronas Chemical lost eight sen to RM8.52 and Petronas Gas 16 sen lower at RM17.62. Dialog shed five sen to RM3.07.

Glove makers fared better with Hartalega up 19 sen to RM5.49 and Top Glove edged up three sen to RM4.89.

As for telcos, Axiata rose six sen to RM4.12, Maxis gained three sen to RM5.74 and Digi two sen to RM4.52.

Mesiniaga hit limit-up, suring 34 sen to RM1.50 after it bagged a RM1.9bil contract. 

As for plantations, KL Kepong rose 30 sen to RM24.60, PPB Group 22 sen to RM17.80 and Sime Plantations six sen to RM5.17 and IOI Corp edged up one sen to RM4.65.

Genting Bhd added 14 sen to RM6.93, Tenaga two sen to RM13.70, Sime Darby flat at RM2.30 and Genting Malaysia shed two sen to RM3.28.

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