CIMB, BAT, Axiata lead blue chips higher

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KUALA LUMPUR: The FBM KLCI ended the morning session higher on Tuesday, underpinned by some nibbling of CIMB, BAT and Axiata while Petronas-linked stocks and banks saw trading interest.

At 12.30pm, the KLCI was up 1.35 of a point or 0.08% to 1,689.34. Turnover on Bursa Malaysia was 586.25 million shares valued at RM718.5mil. Gainers led losers 315 to 289 down while 272 counters were unchanged.

Reuters reported the yen fell to fresh multi-year lows and Japanese stocks extended gains on Tuesday as effects of the Bank of Japan‘s aggressive reflationary campaign reverberated through markets, while Asian equities drew support from a solid start to the U.S. quarterly earnings season.

At Bursa Malaysia, the leading movers were Petronas Gas, Petronas Dagangan, Petronas Chemicals, Hong Leong Financial Group and CIMB Group.

PetGas rose 10 sen to RM18.98, PetDag six sen to RM23.26 and PetChem one sen to RM6.36.

Among the banks, CIMB rose four sen to RM7.71 and added 0.68 of a point to the KLCI, HLFG gained two sen to RM14.94 but HLBank fell six sen to RM14.42, AMMB three sen lower to RM6.45 and Public Bank two sen to RM16.32.

The top three gainers were BAT, up 86 sen to RM62.90, LPI up 24 sen to RM13.78 and Tasek 20 sen to RM16.20. Axiata added two sen to RM6.67.

The top three losers were Dutch Lady down 20 sen to RM48.80, Lafarge down 18 sen to RM10.06 and Innity down 15 sen to 40 sen.

WCT fell nine sen or 3.67% to RM2.36 after it announced that Oman has decided to terminate the RM1bil Batinah Expressway-Package 2 project.

Maybank Investment Bank Research said the KLCI fell to a low of 1,597.00, then rebounded and stalled at 1,664.39. Its next low was 1,613.94 but last week’s price action saw a new all-time high of 1,700.55.

“Due to the US markets’ marginally firmer tone overnight, the index will see some buying activities at the supports,” it said.

Among the key regional markets, Japan’s Nikkei 225 rose 0.01% to 13,193.44; Hang Seng Index gained 1% to 21,934.36, Shanghai Composite Index rose 0.44% to 2,221.42 and Singapore’s Straits Times gained 0.68% to 3,307.07.

However, Taiwan’s Taiex fell 0.25% to 7,733.43 and South Korea’s Kospi lost 0.13% to 1,916.15.

CIMB, BAT, Axiata lead blue chips higher