Business

KLCI stays positive, PetronM climbs

KUALA LUMPUR: The FBM KLCI managed to keep in positive territory at midday as most key Asian markets firmed up over China’s move to lower bank reserve requirements and free up more liquidity.

Chinese markets remained close for the Golden Week holidays, but Japan’s and Hong Kong’s indexes moved up as global data suggested stronger economic prospects.

At 12.30pm, the FBM KLCI was 0.44 points higher at 1,760.11 points, headed for a second day of gains following a 10-day losing streak.

Turnover was 987.2 million shares with a value of RM763.67mil. Advancers outpaced decliners 303 to 275 with 490 counters unchanged.

Banking stocks were mixed with Public Bank declining two sen to RM20.58, Ambank losing three sen to RM4.46, Hong Leong Bank gaining two sen to RM15.88, Hong Leong Financial gaining four sen to RM16.84, CIMB rising one sen to RM6.37 and RHB unchanged at RM5.06.

Telcos were up with Digi adding one sen to RM4.94, Maxis gaining two sen to RM5.84, Axiata up three sen to RM5.31 and Telekom Malaysia putting on two sen to RM6.27.

Among plantation stocks, KL Kepong dropped two sen to RM24.78 and Sime Darby dipped one sen to RM9.03. PPB was up four sen to RM16.86 and IOI was unchanged at RM4.54

Petronas-related stocks Petronas Chemicals gained one sen to RM7.30, Petronas Dagangan rose two sen to RM24.28 and Petronas Gas was unchanged at RM18.08.

Petron Malaysia was the top gainer on Bursa in morning trade, gaining 50 sen or 4.54% to a new all-time-high of RM11.52. Meanwhile Time dotcom rose 19 sen to RM9.94.

Malaysian Airports Holdings was among the biggest decliners, dropping 27 sen to RM8.24 while Sarawak Oil Palms dipped nine sen to RM4.08.

Oil markets eased on Wednesday amid concerns that the strong increases seen in the third quarter may have been overdone.

WTI Crude was 37 cents lower at US$50.07 a barrel while Brent Crude dipped 36 cents to US$55.64 a barrel.

In currencies, the ringgit was trading 0.26% stronger against the US dollar at 4.226, 0.2% weaker gainst the pound sterling at 5.6042 and 0.04% stronger against the Singapore dollar at 3.1058.