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Monday, 16 April 2018 | MYT 5:43 PM

Late push sees KLCI closing at highest since August 2014

KUALA LUMPUR: Late fund buying of Genting Malaysia, Telekom Malaysia and Maybank enabled the FBM KLCI to close at its highest since Aug 20, 2014 on Monday.

At 5pm, the KLCI was up 10.29 points or 0.55% to 1,878.76. Turnover was 2.68 billion shares valued at RM2.06bil. 

The broader market was cautious, with decliners beating advancers five to four or 518 gainers to 409 losers and 370 counters unchanged.

The KLCI closed at 1,878.89 on Aug 20, 2014 and the highest since then was on March 22 this year at 1,876.

The ringgit weakned against several major currencies. It fell 0.23% against the US dollar to 3.8885; lost 0.13% to the pound sterling at 5.5492; dropped 0.46% to the euro at 4.8080 and gave up 0.22% to the Singapore dollar at 2.9646.

Reuters reported Hong Kong shares dropped on Monday amid worries that slowing credit growth and tightening regulatory requirements in China will hurt the country's economic growth later in the year. 

The Hang Seng index fell 1.6%, to 30,315.59, while the China Enterprises Index lost 2.1% to 12,008.13. 

At Bursa, GentingM rose 22 sen to RM5.30 and added 2.35 points to the KLCI, Tenaga gained six sen to RM15.94, Press Metal added eight sen to RM4.83 but Genting Bhd fell five sen to RM8.91.

Among the telcos, Telekom rose 21 sen to RM5.63 and gave the KLCI a 1.42 point boost, Digi gained six sen to RM4.54, Axiata rose four sen to RM5.43 but Maxis fell three sen to RM5.80.

IHH Healthcare fell two sen to RM6.10 after it was shut of out the proposed takeover of India's Fortis Healthcare Ltd.

US light crude oil fell US$1.11 to US$66.28 and Brent was down US$1.27 to US$71.31 after US drilling activity rose and fears waned about escalating tensions in the Middle East following air strikes on Syria over the weekend, Reuters reported.

Petronas Dagangan added 60 sen to RM26.08, Petronas Chemicals five sen to RM8.45 but Petronas Gas fell two sen to RM18. LC Titan lost 11 sen to RM6.21.

Sapura Energy rose 2.5 sen to 76.5 sen and it was the most active with 332.97 million shares done while UMW Oil and Gas edged up 1.5 sen to 31.5 sen.

Crude palm oil for third month delivery fell RM22 to RM2,379 per tonne. PPB Group added 10 sen to RMRM18.60, KL Kepong edged up two sen to RM25.58 while IOI Corp was flat at RM4.79. Sime Plantations rose four sen to RM5.64, Sime Darby was flat at RM2.80 and Sime Property three sen lower at RM1.39.

As for banks, Maybank gained six sen to RM10.60, Public Bank six sen to RM14.04, RHB Bank five sen to RM5.38 and CIMB three sen to RM7.24 while Ambank was flat at RM4 and HL Bank two sen lower at RM18.88.

Dutch Lady was the top gainer, up 76 sen to RM67.36, Ajinomoto added 14 sen to RM22.98 and BAT 14 sen to RM23.34 but Apollo lost 10 sen to RM3.80.

As for semicon players, KESM gained 18 sen to RM18.34.