KUALA LUMPUR: Low-cost carrier AirAsia rose in active trade on Wednesday, helping to sustain the broader market but there was no strong institutional buying for blue chips after a two-day recovery.
At 5pm, the KLCI was up 1.99 points or 0.12% to 1,665.02. Turnover was 1.88 billion shares valued at RM1.64bil. There were 431 gainers, 366 losers and 370 counters unchanged.
The ringgit firmed up 0.41% against the US dollar to 4.4443 from 4.4625 and edged higher against the Singapore dollar at 3.1269 from 3.1420 and also advanced against the Euro to 4.7504 from 4.7625. However, it slipped against the pound sterling to 5.4715 from 5.4131.
Among the key regional markets, Hong Kong stocks closed at 2-1/2 month highs on Wednesday and rose above the psychologically key 23,000 level unseen in six weeks.
Reuters reported a major uncertainty impacting some markets was removed after British Prime Minister Theresa May said on Tuesday that the country would quit the EU single market when it leaves the European Union.
At Bursa Malaysia, CIMB, Maybank and Petronas Chemicals helped underpin the KLCI's slight gains. CIMB rise eight sen to RM4.82 and nudged the KLCI up 1.16 points while Maybank rose four sen to RM8.21, Hong Leong Bank added six sen to RM13.30 and Public Bank two sen higher at RM20.08.
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jumped 56 sen to RM16.02 and it was the top gainer of the day.
Genting Bhd rose four sen to RM8.33 and Genting Malaysia was flat at RM4.74 while MISC fell six sen to RM7.34 and Tenaga was unchanged at RM13.90. IHH Healthcare fell nine sen to RM6.23 and erased 1.21 points from the KLCI.
Telcos fell as investors viewed there was no much upside for the share prices after the recent advance unless there were some catalysts. Digi fell six sen to RM4.89, Telekom lost three sen to RM6.06, Maxis shed two sen to RM6.05 but Axiata edged up two sen to RM4.66.
AirAsia rose 17 sen to RM2.63 with 43.78 million shares done. Bloomberg reported it expects to get binding bids for its aircraft-leasing unit by March. The airline expected to close the deal this year and the board would decide whether to use the proceeds to pare debt or pay a dividend.
Crude oil prices eked out some gains as US light crude rose seven cents to US$52.55 and Brent was up 16 cents to US$55.63. Among the oil and gas stocks, Petronas Gas rose 22 sen to RM20.12, Petronas Chemicals gained five sen to RM7.20 but Petronas Dagangan lost six sen to RM23.40.
Matang was unchanged at 14 sen.
Crude palm oil for third-month delivery rose RM4 to RM3,163 per tonne. Sime Darby rose three sen to RM8.52, PPB Group two sen higher at RM16.26 while IOI Corp was flat at RM4.49 and KL Kepong lost eight sen to RM24.12.
After recent comments by President-elect Donald Trump that hurt the dollar, "we have seen a steady pick up in capital flows from mainland investors into Hong Kong stocks," said Alex Wong, a portfolio manager at Ample Capital in Hong Kong.
Japan’s Nikkei 225 rose 0.43% to 18,894.37;
Hong Kong’s Hang Seng Index added 1.13% to 23,098.26;
CSI 300 rose 0.39% to 3,339.37;
Shanghai’s Composite Index added 0.14% to 3,113.01;
Hang Seng China Enterprise advanced 1.04% to 9,802.86;
Taiwan’s Taiex fell 0.13% to 9,341.97;
South Korea’s Kospi lost 0.06% to 2,070.54; and
Singapore’s Straits Times Index fell 0.48% to 2,998.24.
Spot gold fell US$3.48 to US$1,213.59 per ounce.
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