IHLC Healthcare strengthens support KLCI – Business News



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KUALA LUMPUR: IHH Healthcare on Wednesday helped boost the KLCI FBM and propel it into the positive zone while recovering at Axiata and Genting Bhd the actions helped.

At 17 hours, the KLCI index was up 1.58 point or 0.09% to 1,686.55. The turnover amounts to 1.67 billion shares, worth RM 2.11 billion. There were 401 winners, 405 losers and 373 counters unchanged.

Among the main Asian markets, the main Chinese stock indexes ended up higher, while the first-class stocks lost four days in the hope of defusing trade tensions between China and the United States and investors in search of bargains expect to get results from the support of the government.

The Japanese Nikkei 225 index rose 1.02%, the Shanghai Composite Index of 1.05%, the Hang Seng Index of 1.33%, the Taiwanese Taiex of 1, 08% and Singapore's TSI of 0.13%.

In Bursa, the IHH won 33 Sen at 5.25 RM and pushed the KLCI by 4.87 points. CIMB Equities Research expects IHH's share price to recover in 2019 as the group delivers its products to Turkey and Fortis.

On Wednesday, the target price was reduced from 6.63 to 6.40 following the release of its financial results for the nine-month period.

Genting recorded a slight rebound, up 19 sen, to reach RMB6.57, while Genting Malaysia did not move to RM3 after the US $ 1 billion lawsuit filed by the latter against 21st Century Fox Inc. and Walt Disney Co.

Axiata won 13 Sen at RM3.63 and elbowed the KLCI by 2.11 points while Telekom won six Sen at RM2.31 and Maxis five at over RM5.40, but Digi lost four seconds at RM4.12.

Among banks, Public Bank gained eight sen at RMB 24.88, CIMB five at RMB 5.75, Maybank three sen at RM9.43 and Bank Hong Leong gaining two at RM 20.68. The RHB bank lost a sen at RM5.24.

Crude palm oil for delivery in the third month increased by RMB 50 to RMB 2,016 per tonne, with stable demand prospects.

IOI Corp added four sen to RM4.24, KL Kepong and the PPB flat group to RM24.44 and RM17 while Sime Plantations lost 12 sen to RM4.90.

US light crude oil rose 28 cents to 51.84 USD and Brent crude 13 cents to 60.34 USD.

Petronas Dagangan fell from 64 Sen to 26.46 RM. CIMB Equities Research has downgraded from Hold to Collapse as its share price has exceeded the expectations of an outstanding dividend and it believes that investors could be disappointed.

Petronas Chemical decreased to 9.26 RM but Petronas Gas gained two sen at 18.82 RM. Dialog added three sen to RM3.28.

Tenaga fell the most, down 46 Sen at 14.26 RM and wiped 4.68 KLCI points after its disappointing results.

Tenaga's 9M18 results were below expectations, said Maybank Investment Bank Research, which retained its call hold with a lower target price of RM15.60 to RM16.

Sime Darby was unchanged at RM2.43 while MISC lost four Sen at RM6.46 and MAHB at 3m lower at RM7.64.

The ringgit has weakened against most major currencies, shedding 0.3% against the US dollar at 4.2010, down 0.25% from the pound sterling at 5.3550 and losing 0, 01% against the Singaporean dollar at 3.0462. However, he gained 0.07 euro at 4.7363.

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