Commodities, plantations lead FBM KLI higher

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KUALA LUMPUR: The FBM KLCI extended its gains into midday on the back of a rally in commodities and plantation stocks.

At 12.30pm, the benchmark index was up 10.36 points to 1,596.34. The overall market was positive with 483 gainers compared with 325 decliners.

Petronas Chemicals jumped 28 sen to RM10.20, Petronas Gas gained eight sen to RM17.02 and Press Metal rose 17 sen to RM6.04.

Plantations stocks rose following Indonesia’s widening of its palm oil ban to include crude palm oil and refined palm oil.

Kuala Lumpur Kepong gained 40 sen to RM29.20, IOI added eight sne to RM4.67 and Sime Darby Plantation gained two sen to RM5.22.

Bank counters also advanced led by Maybank up three sen to RM9.01, CIMB rising two sen to RM5.17, Hong Leong Bank adding six sen to RM21 and Public Bank edging one sen higher to RM4.72.

Meanwhile, ACE Market debutant MN Holdings was up 2.5 sen to 23.5 sen as the highest traded counter with 187.86 million shares exchanging hands.

RUnner ups were Technax up 0.5 sen to 11.5 sen and Anzo down 2.5 sen to one sen.

In Asian markets, equities retraced some losses after the previous session’s losses.

Japan’s Nikkei rose 1.3%, South Korea’s Kospi gained 0.7% and China’s composite index added 0.25%.

Hong Kong’s Hang Seng rallied 1.2% while Australia’s ASX200 jumped 1.1%.