Banks, Consumer Stocks Lift Malaysian Stock Market Firmer

KUALA LUMPUR, April 17 (Bernama) -- Malaysian stock market (Bursa Malaysia) closed on a firm note Monday, spurred by persistent buying momentum in selected bluechips, as well as banking and consumer-related stocks. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) finished 2.94 points higher at 1,733.93 compared to last Friday's close of 1,730.99. The key index, which opened 0.14 of-a-point better at 1,731.13, hovered between 1,729.13 and 1,736.29 throughout the day. Maybank and CIMB were the two largest contributors to the rise in the composite index with a combined total of 2.26 points. Among banking stocks, Maybank and CIMB rose seven sen each to RM9.02 and RM5.45 respectively, RHB Bank perked four sen to RM5.10, AMMB gained three sen to RM4.88, and Public Bank added two sen to RM19.92. As for consumer stocks, Dutch Lady, which also the day’s biggest gainer, soared 52 sen to RM57.18, Nestle edged up 42 sen to RM80.76, Ajinomoto chalked up 36 sen to RM17.50, BAT improved 20 sen to RM47.00, while Fraser & Neave gained 18 sen to RM24.08. A dealer said investors accumulated selected attractive stocks amid a defensive stance on the back of mixed sentiment on the global market. He said bargain hunting for consumers and selected blue chips, which are now cheaper to buy given the recent sell-off due to the geopolitical tension in Syria, also emerged today to support the performance and bucked the trend on some regional markets’ trend. On other regional bourses, Hong Kong's Hang Seng Index trimmed 0.21 per cent to 24,261.66, Singapore's Straits Times Index fell 0.98 per cent to 3,138.30 and Jakarta’s Composite Index declined 0.7 per cent to 5,577.49. However, Japan's Nikkei 225 increased 0.11 per cent to 18,355.26 and Korea’s KOSPI Index rose 0.51 per cent to 2,145.76. Etiqa Insurance and Takaful, Head of Research Chris Eng told Bernama, demand on the local bourse was also partly influenced by the better-than-expected economic data from China, which helped ease worries over the health of the world's second largest economy. Overall market breadth was positive with gainers thumping losers 456 to 397, while 381 counters were unchanged, 509 untraded and 16 others suspended. Volume declined to 2.89 billion units valued at RM1.78 billion, from last Friday's 3.15 billion units worth RM1.86 billion -- BERNAMA