KUALA LUMPUR: The stronger-than-expected export data for June gave the stock market a much needed base and also shored up the ringgit at the midday break on Friday.
At midday, the FBM KLCI was up 3.24 points or 0.2% to 1,658.53. Turnover was 1.13 billion shares valued at RM710.37mil. There were 347 gainers, 292 losers and 331 counters unchanged.
Reuters reported oil prices fell as a crude and refined product glut weighed on markets and investors eyed a possible stutter in China's imports, ending a two-day short-covering rally. US light crude futures fell 33 cents to US$41.60 and Brent shed 39 cents to US$43.90.
The ringgit managed to recover and it was quoted at 4.0355 to the US dollar from the previous close of 4.0507 and it was at 5.3002 to the pound sterling from 5.3846. It was at 3.0103 against the Singapore dollar from 3.0141 while against the Euro it advanced to 4.4946 from 4.5096.
Indonesian shares vaulted to 15-month highs on Friday, buoyed by upbeat GDP data, while Vietnam stocks slid more than 1% and were headed for their fifth session of falls in six, dragged down by financial stocks, Reuters reported.
Asian shares rose as risk sentiment improved after the Bank of England cut interest rates to next to nothing on Thursday and announced billions of pounds of stimulus to soften the economic shock from Britain's vote to leave the European Union, it said.
At Bursa Malaysia, crude palm oil for third month delivery fell RM14 to RM2,430 on expectation of higher supply again.
United Plantations rose 42 sen to RM27 and Batu Kawan added 20 sen to RM17.96, IOI Corp was up 10 sen to RM4.33, PPB Group four sen to RM15.94 while Sime Darby eked out one sen to RM7.59. KL Kepong fell two sen to RM23.12.
Consumer stocks were mixed as Nestle fell 40 sen to RM79, Ajinomoto 30 sen lower at RM14.50, F&N extended its decline by 26 sen to RM25. However, Carlsberg added 10 sen to RM14.66.
IT services company Mesiniaga surprised the market against, adding 16 sen to RM1.26. Tien Wah rose 11 sen to RM1.71 after its 2QFY16 net profit grew 11.3% on-year, boosted by lower depreciation charge amid lower revenue.
As for oil and gas companies, Petronas Dagangan and Petronas Gas fell 10 sen each to RM23.18 and RM21.90 but Petronas Chemicals gained two sen to RM6.58. SK Petro was flat at RM1.41.
MISC rose nine sen to RM7.59 after it reported an 80% on-year rise in 2QFY16 net profit, mainly on a substantial gain from the acquisition of subsidiaries.
Genting Bhd
rose eight sen to RM8.28 while Genting Malaysia was flat at RM4.39. Tenaga was unchanged at RM14.40.
Banks were mixed, Public Bank and HLFG shed six sen each to RM19.54 and RM15.20 while AmBank was one sen lower at RM4.39 while CIMB was flat at RM4.40. Maybank rose four sen to RM7.97 and RHB Bank three sen to RM4.99.
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