Malaysia Airlines in focus on last trading day as market extends slump

KUALA LUMPUR: Malaysia Airlines (MAS) was the most active on its last trading day on Friday while the broader market weakened amid continued profit taking of oil and gas stocks.

At 12.30pm, the FBM KLCI was down 5.91 points or 0.34% to 1,738.66. Turnover was 716.16 million shares valued at RM680mil. Decliners beat advancers 537 to 141 while 272 counters were unchanged.

With the US crude oil below the important US$60 per barrel, earnings of oil and gas companies are expected to see a decline. US crude fell 66 cents to US$59.29 and Brent 29 cents lower at US$63.39.

Petronas Gas fell the most, down 42 sen to RM21.50 while UMW Oil & Gas lost 27 sen to RM2.14 while refiner Shell was down 23 sen to RM5.09.

Consumer stocks took a hit again after the brief rebound, with F&N down 40 sen to RM16.60, GAB lost 28 sen to RM12.60 and Dutch Lady fell 20 sen to RM45.

Crude palm oil for third-month delivery rose RM2 to RM2,197. Among the plantation stocks, NSOP and UMCCA lost 20 sen each to RM4.90 and RM6.20 while PPB Group gave up 18 sen to RM13.80.

Plantation-property heavyweight Sime Darby lost 10 sen to RM9.30 and FGV seven sen lower to RM2.68 and KLK down four sen to RM21.28. 

However, small cap plantation-based Innoprise added 10 sen to RM1.70, United Plantations and Batu Kawan eight sen higher at RM24.28 and RM17.50. Heavyweight IOI Corp gained three sen to RM4.61.

Malaysia Airlines fell 0.5 sen to 26.5 sen with 50.50 million shares done. It will be suspended from Monday for its privatisation exercise and the setting up of a new company by major shareholder Khazanah Nasional.

SKPetro lost nine sen RM2.28 while Perisai fell 3.5 sen to 41.5 sen and Sumatec one sen lower at 19 sen while KNM shed 0.5 sen to 41.5 sen.

Property investment company Perduren, which saw the emerge of new shareholders ahead of a takeover, jumped 29 sen to RM2.49.

The ringgit weakened to 3.4960 to the US dollar from the previous close of 3.4892.

Among the key regional markets,

Japan’s Nikkei 225 rose 1.16% to 17,457.24;

Hong Kong’s Hang Seng Index rose 0.05% to 23,323.35;

Shanghai’s Composite Index was unchanged at 2,925.64;

Taiwan’s Taiex rpse 0.21% to 9,032.04;

South Korea’s Kospi rose 0.44% to 1,924.97;

Singapore’s Straits Times Index rose 0.36% to 3,330.55.

Spot gold fell US$6.38 to US$1,221.34.