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KLCI ekes out slim gains as oil stocks advance

KUALA LUMPUR: Hong Leong Bank and oil stocks helped the FBM KLCI chalk up slight gains early Tuesday as the broader market firmed up in line with key Asian markets.

At 9.07am, the KLCI was up 0.78 of a point or 0.05% to 1,571.71. Turnover was 177.84 million shares valued at RM71.50mil. There were 168 gainers, 85 losers and 203 counters unchanged.

Asian share markets edged ahead amid cheery chatter about the chance of a China-US trade deal, while investors were sanguine yet another vote on Brexit would still avert a hard exit, Reuters reported.

A holiday in Tokyo kept turnover light and MSCI’s broadest index of Asia-Pacific shares outside Japan added a slight 0.13%. South Korean stocks rose 0.4%, while E-Mini futures for the S&P 500 were little changed.

At Bursa, foreign funds were net sellers at RM23.7mil on Monday while local institutions were net buyers at RM19.6mil and local retail investors at RM4mil.

Petronas Gas rose 22 sen to RM16.78, LNG carrier MISC added nine sen to RM8.40 while Dialog gained six sen to RM3.51. Bumit Armada added 0.5 sen to 48.5 sen.

Hong Leong Bank gained eight sen to RM16.94.

KESM was the top gainer, riding the wave of optimism for semicon stocks, up 22 sen to RM8.22.

UMW added eight sen to RM4.49, Guan Chong seven sen to RM4.92, Kossan six sen to RM4.30 and Press Metal five sen to RM4.85.

Nestle fell 60 sen to RM143.60 with 200 shares done, F&N 10 sen to RM34.26.

Tenaga was down 10 sen to RM13.70 while BIMB lost seven sen to RM4.13.

Source: TheStar