KUALA LUMPUR: Retail investors got cold feet on Thursday over Britain's decision over whether to stay or exit the EU and decided to offload, with net selling at more than RM30mil which saw the broader equities market weakening.
However, foreign funds seemed more confident and were net buyers at RM31.7mil -- the second day in the week. Local institutions were net sellers at RM800,000 only.
At the end of the day, Tenaga Nasional and Genting Malaysia pushed the FBM KLCI higher towards the close as foreign funds expect Britain to remain in the European Union as the referendum gets under way.
At 5pm, the KLCI was up 2.29 points or 0.14% to 1,639.98. Turnover was relatively thin with 1.11 billion shares done valued at RM1.44bil. The broader market was cautious with decliners beating advancers four to one with 406 losers, 305 gainers and 383 counters unchanged.
Stock market data showed foreign funds were net buyers at RM31.7mil while the retail investors got cold feet and were net sellers at -RM30.9mil. Local institutions were net sellers at RM800,000 only.
Hong Kong shares rose for their fifth straight day on Thursday, reflecting growing optimism that Britain will vote to stay in the EU, Reuters reported. However, China stocks fell on Thursday, but volumes were thin as most investors kept to the sidelines.
The ringgit ended firmer against the US dollar and the Singapore unit but slipped against the pound sterling and euro.
It rose to 4.0165 to the US dollar from 4.0353 and firmed up to 3.0047 to the Singapore unit from 3.0066. It slipped to 5.9391 against the pound from 5.9137 and was at 4.5595 to the euro from 4.5483.
Crude palm oil (CPO) for third month delivery rebounded to climb RM18 to RM2,392 after France's National Assembly scrapped plans for an additional tax on palm oil, which had caused outcry among major producers.
United Plantations rose 68 sen to RM27.20, KL Kepong added 12 sen to RM23.20, IOI Corp was flat at RM4.35 while PPB Group shed six sen to RM16.36 and Sime Darby seven sen lower at RM7.45.
Tenaga rose 24 sen to RM14.24 and added 2.31 points to the KLCI. Genting Malaysia added 11 sen to RM4.50 and nudged the KLCI up 1.11 points and MISC edged up two sen to RM7.41. However, Westports fell five sen to RM4.23 and Genting Bhd
two sen to RM8.19.
As for banks, CIMB rose four sen to RM4.34, Public Bank and Hong Leong Bank two sen each to RM19.26 and RM13.28 while HLFG also edge dup two sen to RM14.10 but Maybank and Ambank fell two sen each to RM8.20 and RM4.42.
US light crude oil rose 52 cents to U$49.65 and Brent added 57 cents to US$50.45, shrugging off a smaller than expected draw on US crude stocks as money and equity markets firmed on the last sweep of opinion polls showing Britons favoured to remain in the EU, Reuters reported.
Petronas Gas fell 12 sen to RM21.62, Petronas Dagangan 10 sen to RM23.40 and Petronas Chemicals four sen to RM6.40. SK Petro fell one sen to RM1.41 but Bumi Armada added 2.5 sen to 71.5 sen.
As for telcos, Maxis added six sen to RM5.85, Axiata two sen to RM5.50 but Telekom she done sen to RM6.77 and Digi three sen lower at RM4.65.
As for consumer stocks, Heneiken added 42 sen to RM15.40 and Dutch Lady 20 sen to RM58 but BAT lost 22 sen to RM49.78.
AirAsia rose two sen to RM2.66 in active trade. Comintel Corp added 6.5 sen to 73 sen after Tuesday's selldown.
Among the key regional markets,
Japan’s Nikkei 225 rose 1.07% to 16,238.35;
Hong Kong’s Hang Seng Index added 0.35% to 20,868.34;
CSI 300 fell 0.53% to 3,117.32;
Shanghai’s Composite Index lost 0.47% to 2,891.96;
Shenzhen Composite fell 0.32% to 1,915.21;
Hang Seng China Enterprise edged up 0.25% to 8,785.07;
Taiwan’s Taiex lost 0.45% to 8,678.68;
South Korea’s Kospi lost 0.29% to 1,986.71 and
Singapore’s Straits Times Index gained 0.28% to 2,793.85.
Spot gold rose 48 cents to US$1,266.70.
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