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KLCI up as much as 0.87% as banking stocks lift

TheEdge Wed, Jun 03, 2020 01:12pm - 1 month ago

KUALA LUMPUR (June 3): The FBM KLCI rose as much as 0.87% in the morning session Wednesday to a more than three-month high lifted by index-linked banking counters.  

At 12.30pm, the FBM KLCI pared some of its gains at 1,519.83, after rising 0.81% or 12.28 points. The index had earlier risen to a high of 1,520.91. Across Bursa Malaysia,trading volume remained robust at 6.37 billion shares valued at RM4.14 billion. However, losers led gainers with 372 versus 317, while 664 counters traded unchanged. 

Among KLCI-linked banking stocks, Hong Leong Bank Bhd, Public Bank Bhd, Hong Leong Financial Group Bhd (HLFG), Malayan Banking Bhd, RHB Bank Bhd ended among the top gainers.

Hong Leong Bank rose 90 sen or 6.43% to RM14.90, Public Bank jumped RM1.04 or 6.65% to RM16.68, HLFG gained 66 sen ot 5.01% at RM13.84, Maybank rose 31 sen or 4.13% at RM7.82, RHB up 27 sen or 5.44% at RM5.23. 

Bursa Malaysia's financial services index closed up 563.67 points or 4.44% at 13,255.37, nearly three-month high. The financial services index gained the most among the bourse's indices.  

The leading gainers also included other financial service companies, such as Aeon Credit Service (M) Bhd and LPI Capital Bhd, while other consumer stocks Dutch lady Milk industries Bhd and  Heineken Malaysia Bhd also made into the list. 

In contrast, health care index led the loss among the nourse’ indices, closing down 132.95 points or 5.67% at 2,211.64. 

The decliners list was dominated by the glove counters, including Top Glove Corp Bhd, Hartalega Holdings Bhd, Kossan Rubber Industries Bhd, Supermax Corp Bhd, Rubberex Corp (M) Bhd and Comfort Gloves Bhd. The selling pressure among the glove makers was due to the tightened margin financing announced by major brokerage houses yesterday. 

Meanwhile, the active list was mainly dominated by oil and gas counters as oil prices rose to a nearly three-month high. The list included Hibiscus Petroleum Bhd, Bumi Armada Bhd, Velesto Energy Bhd, KNM Group Bhd, Icon Offshore Bhd and Alam Maritim Resources Bhd. 

Reuters reported that Brent oil rose to $40 for the first time since March, as optimism mounted that major producers will extend production cuts and a recovery from the coronavirus pandemic will spur fuel demand.

At 12.30pm, Brent crude was up 47 cents, or 1.19%, at US$40.04 a barrel. While US West Texas Intermediate (WTI) crude was up 74 cents, or 2.01%, at US$37.55 a barrel, also nearly its three month high.

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