Banks push KLCI to new record high

Banks push KLCI to new record high

BY JOSEPH CHIN

KUALA LUMPUR: The FBM KLCI closed at a fresh all-time high of 1,892.65 on Tuesday, the second straight day of gains, on local fund buying of banks and plantations amid a weaker broader market.

At 5pm, the FBM KLCI was up 0.15 of a point or 0.01% to 1,892.65. Turnover was 1.78 billion shares valued at RM2.29bil. There were 387 gainers, 464 losers and 464 stocks unchanged.

Dealers said local funds were picking up blue chips including banks but retail investors were mostly staying on the sidelines.

Among the banks, Hong Leong Bank rose eight sen to RM13.94, HLFG and RHB Capital six sen each to RM16.34 and RM8.76 while Maybank gained five sen to RM9.95. CIMB and Public Bank rose two sen each to RM7.28 and RM20.

Plantations also fared well, with United Plantations up 80 sen to RM28.82, BLD Plantations 28 sen to RM8.70, KL Kepong 12 sen to RM24.32 and IOI Corp two sen to RM5.25.

Batu Kawan fell 20 sen to RM19.80 and Chine Tek 13 sen to RM9.68 and Far East 12 sen to RM7.80. Heavyweight FGV lost two sen to RM4.14 and PPB Group six sen to RM14.94.

Muhibbah Engineering surged a more than six year high on analysts' positive outlook for the company. It rose 17 sen to RM3.37.

CIMB Equities Research is maintaining its Add for Muhibbah Engineering with more contracts as a catalyst.

Genting Bhd fell 24 sen to RM9.76 and weighed down the KLCI's advance.

Among the Petronas stocks, Petronas Dagangan lost 36 sen to RM23.40, Petronas Gas four sen to RM24.56 and Petronas Chemical one sen to RM6.78.