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KLCI closes at three week high as Public Bank climbs

KUALA LUMPUR: Fund buying of Public Bank, Petronas Gas and Axiata pushed the FBM KLCI to the highest close in more than three weeks while a turnaround in Telekom Malaysia saw the shares soaring in very active trade.

At 5pm, the KLCI was up 12.83 points or 0.79% to 1,636,50 which was the highest since May 8. The KLCI is still down 3.2% year-to-date while Jakarta’s Composite fell 1.46% and South Korea 0.11%. Turnover was moderate with 2.47 billion shares done valued at RM2.67bil. The broader market was  firmer with 513 gainers, 366 losers and 334 counters unchanged.

At Bursa, aside from Public Bank, which pushed the KLCI up 4.08 points, the other six counters which notched steady gains were GLC-related stocks. They were Petronas Gas, Axiata, CIMB, MISC, Petronas Dagangan and Tenaga.

Telekom was the top gainer of the day, surging 74 sen to RM3.46 with 96.4 million shares done after its net profit almost doubled in the fist quarter ended March 31, 2019 to RM308.28mil from RM157.15mil a year ago mainly due to a reduction in operating costs.

Axiata rose 15 sen to RM4.65 and added 2.39 points, Maxis added five sen to RM5.58 while Digi was unchanged at RM4.81.

US light crude oil rose 33 cents to US$59.14 but Brent shed seven sen to US$69.38. Petronas Gas rose 74 sen to RM17.56 added 2.56 points to the KLCI. Petronas Dagangan was 52 sen higher at RM25.32 but Petronas Chemical lost 10 sen to RM8.24. Dialog was unchanged at RM3.30.

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