KLK, IOI boost KLCI as market sentiment stays firm

KUALA LUMPUR: Kuala Lumpur Kepong and IOI Corp
were the main movers among the FBM KLCI stocks at midday on Wednesday,
as the 30-stock index extended its gains, underpinned by local fund
buying as sentiment was bolstered by regional bourses.
At
12.30pm, the FBM KLCI was up 4.93 points or 0.3% to 1,612.67. Turnover
was 549.58 million shares valued at RM751.09mil. There were 346
gainers, 283 losers and 312 stocks unchanged.
The head of
institutional dealing at a bank-backed brokerage said market sentiment
would continue to be firm ahead, ahead of the listing of the IHH Healthcare later in July.
He said local funds were in the market to pick up index-linked stocks while FGV continued to attract strong interest.
Bloomberg
reported Asian stocks rose, heading for the longest winning streak this
year, the won hit a two-month high and credit risk fell for the seventh
day on speculation Chinese and European central bankers will ease
monetary policy. Rubber climbed after U.S. factory orders and auto
sales beat estimates.
Among the key regional markets, Japan's
Nikkei 225 rose 0.39% to 9,102.01; Hong Kong's Hang Seng Index added
0.18% to 19,770.92; Shanghai's Composite Index was flat at 2,229.30;
Taiwan's Taiex 0.04% to 7,421.01; South Korea's Kospi 0.32% to 1,873.76
and Singapore's Straits Times Index 0.32% to 2,954.82.
US light crude oil fell 44 cents to US$87.22 while Brent shed 46 cents to US$100.22 while spot gold fell US$1.02 to RM1,616.43.
The
ringgit strengthened against the US dollar to 3.1486, the highest level
since May 29 with foreign funds seen gaining from a stronger ringgit
and firmer equities market.
Crude palm oil third-month futures shed RM2 to RM3,122, off the early high of RM3,147.
FGV
rose three sen to RM5.49, which is 94 sen above its institutional offer
price of RM4.55 when it was listed last Thursday. The retail offer
price was RM4.55.
KLK rose RM1 to RM24.20, pushing the KLCI up 1.67 points while IOI added five sen to RM5.27, nudging the index up 0.75 of a point.
BAT added 74 sen to RM56.74, UMW 18 sen to RM9.46, Shangri-La 16 sen to RM3.46 and Pharmaniaga 16 sen to RM10.72. MBM Resources gained 31 sen to RM3.50 and the warrants MBMR-WA 15 sen to 77.5 sen. Tricubes tumbled 7.0 sen to 3.5 sen done ahead of its trading suspension on July 11.
Warisan fell 36 sen to RM2.32 with 100 shares done, Nestle 32 sen to RM58, Tan Chong 21 sen to RM4.36 while Ho Hup shed seven sen to 75 sen.