KLCI bucks regional markets, closes at 2-week high (Update)

by **Cals** Tue 19 Nov 2013, 17:59

Published: Tuesday November 19, 2013 MYT 5:24:00 PM
Updated: Tuesday November 19, 2013 MYT 5:49:18 PM
KLCI bucks regional markets, closes at 2-week high (Update)

KUALA LUMPUR: Malaysia’s stock market bucked most of the key regional markets to close at a two-week high of 1,807.16 on Tuesday, supported by strong fund buying of plantations especially KL Kepong and FGV.

The surge in the KLCI surprised analysts in the absence of strong fresh newsflow especially for plantation stocks as crude palm oil for third-month delivery fell RM28 to RM2,564 per tonne.

At 5pm, the FBM KLCI rose 14.77 points or 0.82% to 1,807.16. Turnover was 1.82 billion shares valued at RM2.59bil. There were 412 gainers, 386 losers and 335 counters unchanged.

Among the plantations, KL Kepong rose RM1.04 to RM24.74, Batu Kawan added 34 sen to RM20.12 and FGV 22 sen higher at RM4.52 while PPB Group added 12 sen to RM14.58.

Heavyweights IOI Corp ended 19 sen higher at RM5.65 and Sime Darby rose 18 sen to RM9.75, pushing up the KLCI up by a combined four points. However, profit taking saw TSH falling 15 sen to RM2.73.

Petronas Gas rose 42 sen to RM23.60, MISC 31 sen higher to RM5.50 while Datasonic extended its meteoric rise to fresh heights, adding 28 sen to RM8.59.

Among the banks, Hong Leong Bank rose 10 sen to RM14.30 and AMMB two sen to RM7.27 while Maybank fell 18 sen to RM9.65.

Recently-listed Caring fell 19 sen to RM1.82 on profit taking also while condom maker Karex fell 11 sen to RM3.19 and Barakah-LA 11 sen also to RM1.06.

The ringgit strengthened to 3.1790 to the US dollar from RM3.1881 the previous day.
Among the key regional markets,

Japan’s Nikkei 225 fell 0.25% to 15,126.56;

Hong Kong’s Hang Seng Index fell 0.01% to 23,657.81;

Shanghai’s Composite Index fell 0.19% to 2,193.13;

Taiwan’s Taiex rose 0.84% to 8,260.21;

South Korea’s Kospi rose 1.04% to 2,031.64 and

Singapore’s Straits Times Index fell 0.34% to 3,192.08.

US light crude oil fell 11 cents to US$92.92 and Brent was down 27 sen to US$108.20.

Spot gold fell 58 cents to US$1,274.85.