KLCI bucks Asia stock decline as HLFG, Maybank gain

-A +A

KUALA LUMPUR (April 30): The FBM KLCI gained 4.89 points or 0.3% to close at 1,642.29, partially lifted by gains in banking stocks including Hong Leong Financial Group Bhd (HLFG) and Malayan Banking Bhd (Maybank).

HLFG closed 18 sen up at RM19.22 while Maybank gained 11 sen to RM9.25. HLFG and Maybank ended among Bursa Malaysia top gainers.

“Some of the banking stocks rebounded, such as Maybank and HLFG which are constituent stocks. Especially Maybank, which is a heavyweight,” Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng said.

Across Bursa Malaysia, 2.36 billion shares were traded for RM2.24 billion.

Leading gainers included Carlsberg Brewery Malaysia Bhd and KLCI stock Digi.Com Bhd.

Globally, the KLCI bucked Asia shares' decline today as investors evaluated China's April manufacturing and non-manufacturing purchasing managers index (PMI) numbers. Bloomberg reported that the manufacturing PMI stood at 50.1, down from 50.5 last month, while the non-manufacturing PMI — a gauge of services and construction — stood at 54.3 versus 54.8.

In China, Hong Kong’s Hang Seng closed down 0.65% while the Shanghai Stock Exchange Composite erased intraday losses to end 0.52% higher. Elsewhere, South Korea’s Kospi declined 0.58%.

Reuters reported that shares in Asia fell on Tuesday as readings on China's manufacturing activity failed to meet expectations, underscoring weakness in the world's second-largest economy despite Beijing's attempts to spur growth.

It was reported that MSCI's broadest gauge of Asia-Pacific shares outside Japan was off 0.5 percent. It was reported that Japan's financial markets remain closed for a national holiday as Japanese Emperor Akihito prepares to abdicate on Tuesday in favour of his son, Crown Prince Naruhito.