Maybank, Tenaga lift KLCI out of the red (Update)

by **Cals** Tue 18 Jun 2013, 17:34

Published: Tuesday June 18, 2013 MYT 12:56:00 PM
Updated: Tuesday June 18, 2013 MYT 1:26:48 PM

Maybank, Tenaga lift KLCI out of the red (Update)
By Joseph Chin

Fund nibbling of heavyweights Maybank and Tenaga helped lift the FBM KLCI into the positive zone at midday on Tuesday while the broader market firmed up despite some selling seen Genting Bhd.

At 12.30pm, the KLCI was up 0.19 of a point to 1,882.36. Turnover was 817.13 million shares valued at RM715.39mil. There were 309 gainers, 297 losers and 306 counters unchanged.

Bloomberg reported the yen extended losses against the dollar and the euro as investors awaited the outcome of the Federal Reserve meeting that starts today. Asian stocks and rubber futures fell for the first time in three days.

The Fed starts a two-day policy meeting on Tuesday, a month after Chairman Ben S. Bernanke said stimulus efforts could be scaled back if the employment outlook shows sustainable improvement.

At Bursa Malaysia, Tenaga rose to a high of RM8.36. There were 9.51 million shares done at prices ranging from RM8.25 to RM 8.36 while Petronas Gas added two sen to RM21.02.

Maybank rose six sen to RM10.44. There were 2.99 million shares done at prices ranging from RM10.30 to RM10.46. Hong Leong Bank gained six sen to RM13.86, AMMB three sen to RM7.22 and CIMB one sen to RM8.21.

Aeon Credit was the top gainer, up 88 sen to RM17.48 on its strong quarterly earnings. Glove makers rose on analysts' firm outlook for the sector, with Kossan adding 21 sen tto RM4.54, Hartalega also 21 sen to RM6.777 while Hartalega-WA gained 20 sen to RM2.55.

Consumer stocks were mixed, GAB added 24 sen to RM21.72 but BAT fell 36 sen to RM61.86 and Dutch Lady 26 sen to RM47.44.

Genting Bhd reversed into the red, falling 10 sen to RM10.40 after hitting an intra-morning high of RM10.54.

Crude palm oil for third-month futures rose RM18 to RM2,480, which was the highest since Feb 26 on expectations of stronger demand from palm oil.

KL Kepong rose two sen to RM231.52 but IOI Corp fell five sen to RM5.34 and PPB Group four sen to RM13.52 and FGV three sen to RM4.52.

The ringgit weakened against the US dollar to 3.1540 from the previous close of 3.1325.

Among the key regional markets,

Japan's Nikkei 225 fell 0.16% to 13,012.06;

Hong Kong's Hang Seng Index fell 0.64% to 21,090.09;

Shanghai's Composite Index rose 0.05%to 2,151.56;

Taiwan's Taiex rose 0.26% to 8,013.32;

South Korea's Kospi rose 0.76% to 1,897.43 and

Singapore's Straits Times Index jumped 1.29% to 3,224.49.

US light crude oil was unchanged at US$97.77 and Brent five cents higher at US$105.52.

Spot gold was down US$2.49 to US$1,382.78.