Funds pick up banks, KLCI continues its charge

KUALA LUMPUR: Fund buying of selected banking stocks helped pushed
the FBM KLCI to a fresh record high again while consumer dividend
stocks managed to hold on their gains.
The broader market
managed to stage a recovery towards the close while trading volume
remained above the one billion shares mark.
At 5pm, the KLCI was
up 5.85 points or 0.36% to 1,645. Turnover was 1.13 billion shares
valued at RM1.45bil. There were 362 gainers, 358 losers and 388 stocks.
Among
the key regional markets, Shanghai's Composite Index rose 0.37% to
2,169.10 and Singapore's Straits Times Index 0.08% higher at 3,017.21.
European stocks advanced for the third time in four days after banks including Credit Suisse Group AG (CSGN) and Nordea Bank (NDA) AB reported profits that beat estimates, Bloomberg reported.
However,
Japan's Nikkei 225 fell 0.32% to 8,726.74; Hong Kong's Hang Seng Index
lost 1.11% to 19,239.88; Taiwan's Taiex 1.09% lower at 7,049.05 and
South Korea's Kospi slipped 1.48% to 1,794.91.
US light crude oil fell 39 cents to US$88.83 and Brent lost 37 cents to US$103.63. Spot gold fell US$4.39 to US$1,579.03.
The ringgit continued to strengthen against the US dollar to 3.1575, the strongest since July 4.
At Bursa Malaysia, Public Bank gained 12 sen to RM14.24, pushing the KLCI up 1.33 points while HLFG added 16 sen to RM12.46, HL Bank six sen to RM13.30, CIMB four sen to RM7.90 and Maybank three sen to RM8.77.
Among the consumer dividend stocks, BAT jumped RM1.58 to RM57.88, Nestle 62 sen to RM59.12m F&N 30 sen to RM18.68, Carlsberg 22 sen to RM12.40.
Ingress
rose 15 sen to RM1.39 as it hoped the government would speed up the
process of awarding the contract for the extension of the RM960mil
Ampang light rail transit project.
Telekom rose 10 sen to RM6.25 and DiGi four sen to RM4.44 while Maxis one sen higher to RM6.72.
Axiata was unchanged at RM6.02 in active trade, off the day's best of RM6.08 after surging to a record high of RM6.23 on Tuesday.
OSK
Research had said there was market talk that Axiata might embark on a
capital management exercise. This could potentially include a bond
issuance to ensure that the group's longer-term capital needs are taken
care off, it said.
Crude palm oil for third-month futures fell RM60 to RM3,002, the lowest since June 28. United Plantations fell 60 sen to RM25.30, Batu Kawan 16 sen to RM18.40 while KLK shed six sen to RM23.80.
Cybertowers
continued its downward spiral, down 23 sen to 37 with 40.55 million
shares done, a stark contrast from the RM1.94 just a week ago.
Media Chinese International retreated 14 sen to RM1.51, after surging on Tuesday on its 41 sen dividend announcement.