Maybank and CIMB drive KLCI’s rebound

by **Cals** Sun 02 Aug 2015, 03:48

Maybank and CIMB drive KLCI’s rebound

Friday, 31 July 2015
By: JOSEPH CHIN

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KUALA LUMPUR: Maybank and CIMB underpinned the FBM KLCI’s technical rebound on Friday, the final day of July, and sent the index up nearly 1.4% in line with the firm regional markets.

At 5pm, the KLCI was up 23.22 points or 1.37% to 1,723.14, which was the highest since July 24. The quality of the buying showed the market improved with 1.67 billion shares done valued at RM2.01bil. The broader market was also firmer with 467 gainers to 365 losers while 315 counters were unchanged.

A technical chartist stated the resistance level for the KLCI would be at 1,740 and 1,750.

However, the equities market did not reflect the weakening ringgit vis a vis the strengthening US dollar. The ringgit was at a fresh 17-year low of 3.8310 compared with the previous close of 3.8190.

Reuters reported Hong Kong's benchmark Hang Seng index ended higher on Friday, but an index tracking Chinese companies fell following ailing mainland shares.

At Bursa Malaysia, Maybank rose 21 sen to RM9.20 and pushed the KLCI up 3.47 points while CIMB added 18 sen to RM5.38 and added 2.64 points.

Public Bank gained 12 sen to RM19 while AmBank and RHB Cap gained three sen each to RM5.59 and RM7.43 while Hong Leong Bank edged up two sen to RM13.58.

Telcos ended higher with Maxis climbing 13 sen to RM6.67, Axiata nine sen to RM6.37, TM six sen to RM6.55 amd DiGi one sen to RM5.40.

Crude palm oil for third-month delivery fell RM6 to RM2,118 per tonne. PPB Group rose 42 sen to RM15.44, Genting Plantatiuons 41 sen to RM10.44 and KL Kepong 34 sen higher at RM22.

US light crude oil extended the losses, falling 96 cents to US$47.56 and Brent lost 62 cents to US$52.69. Petronas Dagangan added 42 sen to RM21.08 and Petronas Gas 36 sen to RM22.08, Petronas Chemicals two sen to RM6.41 while SKPetro was up five sen to RM2.45.

KAF jumped 53 sen to end the day at RM2.61, just nine sen away from the RM2.70 per share takeover offer.

Consumer stocks were mixed, BAT advanced RM1.50 to RM67.50 but Nestle fell 52 sen to RM72 and GAB 10 sen to RM14.20.

Westports fell 17 sen to RM4.01 after it reported flat earnings in the second quarter ended June 30.

Malaysia Airports lost 12 sen to RM5.93 on profit taking after posting a narrower set of losses.

Among the key regional markets,

Japan’s Nikkei 225 rose 0.3% to 20,585.24;

Hong Kong’s Hang Seng Index rose 0.56% to 24,636.28;

Shanghai’s Composite Index fell 1.13% to 3,663.73;

Taiwan’s Taiex rose 0.16% to 8,665.34;

South Korea’s Kospi rose 0.55% to 2,030.16;

Singapore’s Straits Times Index fell 1.45% to 3,202.50.

Spot gold fell US$7.88 to US$1,080.88.