Petronas Chemicals, MISC erase more than 4 points from KLCI

KUALA LUMPUR: The FBM KLCI closed down more than six points on Wednesday, with the losses coming mainly from Petronas Chemicals and MISC, while the broader market was cautious in tandem with key regional markets.

At 5pm, the KLCI was down 6.45 points or 0.35% to 1,820.97. Turnover was 1.92 billion shares valued at RM1.79bil. Declining stocks beat advancers 454 to 353 while 313 counters were unchanged.

Nearly all the key Asian markets, except for Jakarta were in the red. Hong Kong stocks followed mainland markets lower on Wednesday, surrendering earlier gains, with infrastructure and industrial stocks leading the decline.

The Hang Seng Index fell 0.4%, to 27,640.91, while the China Enterprises Index lost 0.6%, to 13,997.35.

However, the rebound in crude oil prices shored up selected oil and gas counters, especially heavyweight SapuraKencana Petroleum.

US light crude rose US$1.55 to US$61.96 and Brent added US$1.51 to US$69.03 which were 2015 highs as a month-long rally gained further impetus from a fall in US crude stocks and conflict in the Middle East.

At Bursa Malaysia, Petronas Chemicals fell 17 sen to RM5.83 and erased 2.37 points from the KLCI. Petronas Gas fell six sen to RM22.74 but Petronas Daganagan bucked the trend to climb 18 sen to RM21.58.

MISC’s 27 sen loss to RM8.62 wiped out 2.1 points. Heavyweight Tenaga Nasional lost eight sen to RM14.20.

Among the telcos, Maxis and Axiata fell five sen each to RM7 and RM6.74, TM shed four sen to RM7.41 and DiGi one sen to RM6.04.

Banks also came under some selling pressure with RHB Cap down 13 sen to RM7.77,  Public Bank 10 sen to RM19.36 , Hong Leong Bank eight sen to RM14.08, Maybank and AmBank four sen each to RM9.21 and RM6.40. CIMB bucked the trend to add six sen to RM5.95.

Crude palm oil prices for third month delivery rose RM26 to RM2,183 – the highest since April 7.  However, KL Kepong fell 40 sen to RM22, PPB Group six sen to RM15.60 and IOI Corp two sen to RM4.28. 

The ringgit strengthened to 3.5698 against the US dollar from the previous close of 3.6110.

Among the key regional markets,

Hong Kong’s Hang Seng Index fell 0.35% to 14,371.22;

Shanghai’s Composite Index fell 1.62% to 4,229.27;

Taiwan’s Taiex fell 0.02% to 9,818.20;

South Korea’s Kospi fell 1.30% to 2,104.58;

Singapore’s Straits Times Index fell 0.33% to 3,459.79.

Spot gold fell US$2.71 to US$1,190.64.