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Thursday, 7 December 2017 | MYT 1:14 PM

KLCI moves higher at midday; Genting, Petchem lift

KUALA LUMPUR: The local market regained some strength on Thursday amid mixed performances from regional markets.

China equities saw a spate of profit-taking as investors rushed to cash in on profits following the end of a protracted rally. 

Meanwhile Japan's Nikkei experienced a rebound and moved higher as investors scooped up bargains following losses in previous sessions.

At midday break, the FBM KLCI was 2.47 points higher at 1,720.80 points. Turnover was 754.33 million shares with a value of RM873.6mil. There was an almost equal number of advancers to gainers, 259 to 296, and 512 counters unchanged.

Leading gainers on the index included Genting Malaysia, which rose 10 sen to RM5.26, and Petronas Chemicals, which gained six sen to RM7.44.

Telco Digi put on four sen to RM4.75 while CIMB added three sen to RM6.

Plantations counter IOI COrp moved up four sen to RM4.50 while KL Keping rose four sen to RM2.59.

Hong Leong Bank continued to pull back following its surge in share price earlier in the week. It fell 20 sen to RM15.98. Meanwhile Hong Leong Financial Group also trended lower, losing eight sen to RM16.40.

The two Sime Darby spin-off counters moved higher for the third consecutive day and endged closer to their debut prices.

Sime Darby Plantation put on on 22 sen to RM5.09 while Sime Darby Property, which was removed from the KLCI list the previous day, gained five sen to RM1.21

On the wider market, Hartalega put on 18 sen to RM9.26, United Plantations added 28 sen to RM28.28 and Malaysian Pacific Industries rose 40 sen to RM11.94

Among the decliners, United Malacca Plantations dropped 38 sen to RM6.50, A&M Realty dipped 15 sen to RM1.25 and Lafarge Malaysia fell 25 sen to RM6.44.

In commodities, a data report showed a decrease in US crude inventories although rising gasoline stocks and crude production weighed on oil prices, Reuters reported.

US light crude rose 20 cents to US$56.16 a barrel while Brent crude gained 28 cents to US$61.50 a barrel.

Meanwhile, the ringgit pulled back against major currencies amid technical reports that the currency had been overbought.

The local denomination weakened 0.13% against the greenback at 4.0815, 0.04% against the pound sterling at 5.4607 and 0.14% against the Singapore dollar at 3.0265.