CIMB leads blue chips higher amid mixed broader market

KUALA LUMPUR: Sustained buying of CIMB, Petronas Dagangan and plantations helped the FBM KLCI to extend its gains early Wednesday amid a mixed broader market.

At 9.19am, the KLCI was up 3.08 points or 0.2% to 1,580.87. Turnover was 241.46 million shares valued at RM121.86mil. There were 167 gainers, 153 losers and 252 counters unchanged.

A rally in global shares stalled, with Asian markets stuck in tight ranges in early trade, as the prospect of a rate cut by the Federal Reserve was countered by worries a US-China first-stage trade deal could be delayed, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.16% from Tuesday’s three-month high while Japan’s Nikkei slid 0.07% after hitting a one-year high the previous day.

Meanwhile, foreign funds were net buyers on Bursa on Tuesday at RM139.4mil while retail investors also followed suit at RM9.1mil. Local institutions were net sellers at RM148.5mil.

F&N was the top gainer, up 30 sen to RM34.90 while Carlsberg added 24 sen to RM27.26 and Ajinomoto 12 sen to RM16.10. Nestle fell 60 sen to RM143.90.

KESM staged a rebound, up 24 sen to RM8.29 but Unisem fell 14 sen to RM2.29 and Globetronics six sen lower to RM2.14. IFCA MSC rose two sen to 51.5 sen with 17.5 million shares done.

PPB Group added 16 sen to RM18.26 in rising volume while KL Kepong gained six sen to RM21.64 and Genting Plantations four sen to RM9.93 but Sime Plantation shed five sen to RM4.86.

CIMB extended its gains, up six sen to RM5.09 but Public Bank lost six sen to RM19.28.

Petronas Dagangan added 10 sen to RM23.60 in thin trade but Petronas Gas lost four sen to RM16.56.

Source: TheStar