KLCI falls nearly 10 points as ringgit and crude oil lose ground

KUALA LUMPUR: Selling pressure picked up pace on Bursa Malaysia at midday as the ringgit lost ground against the US dollar and crude oil prices extended their losses.

At 12.30pm, the FBM KLCI was down 9.55 points or 0.57% to 1,667.73. Turnover was 706.26 million shares valued at RM594.16mil. There were 164 gainers, 554 losers and 274 stocks unchanged.

US light crude oil fell 75 cents to US$31.12 and Brent 48 cents down at US$32.79 after top exporter Saudi Arabia ruled out production cuts and industry data showed a further build in US crude stockpiles.

Crude palm oil for third-month delivery fell RM13 to RM2,538 per tonne.

The ringgit weakened against the greenback to 4.2430 from the previous close of 4.2002 and slipped to 2.9996 against the Singapore dollar from 2.9894. However, it perked up against the pound sterling to 5.9315 from 5.9335.

The Statistics Department reported Malaysia’s inflation rate, as measured by the Consumer Price Index (CPI) rose 3.5% from a year ago due to increases in all 12 major groups. However, the CPI was below economists’ forecast of a 3.7% increase.

Heavyweight Sime Darby fell 23 sen to RM7.73 ahead of the release of its results.

Genting Bhd lost 21 sen to RM7.89 and Genting Malaysia 15 sen to RM4.21. 

Genting Malaysia Bhd will double the capital investment under the Genting Integrated Tourism Plan (GITP), which involves redeveloping and transforming Resorts World Genting, from the earlier-announced RM5bil to an estimated RM10.38bil.

Petronas Gas fell 20 sen to RM22.40.

Among the consumer stocks, Dutch Lady fell RM1.98 to RM50.02 and it was the top loser. BAT was down 40 sen to RM55.60 but Nestle added 12 sen to RM74.70.

Other losers were Latitude Tree, down 48 sen to RM6.35, Huat Lai 22 sen to RM4.72 and chip maker MPI was down 21 sen to RM7.78 while Can-One lost 20 sen to RM4.30.

Plantations were among the top gainers, with KL Kepong rallying 38 sen to RM24.58 after the3 recent release of its results. United Plantations added 22 sen to RM25.48 and TAHPS 20 sen to RM6.60.

Among the key regional markets,

Japan’s Nikkei 225 fell 0.77% to 15,929.24;

Hong Kong’s Hang Seng Index lost 1.6% to 19,103.70;

Shanghai’s Composite Index lost 0.21% to 2,897.26;

Taiwan’s Taiex lost 0.77% to 8,270.58;

South Korea’s Kospi shed 0.04% to 1,913.50 and

Singapore’s Straits Times Index skidded 1.7% to 2,626.75.

Spot gold rose US$2.22 to US$1,229.07.