KUALA LUMPUR: Genting Bhd
and Public Bank were the main drags on the FBM KLCI at midday on Friday on profit taking as the ringgit lost ground against the main currencies while crude oil prices staged a rebound.
At 12.30pm, the KLCI was down 7.69 points or 0.45% to 1,716.60, giving up all the late gains the previous day. Turnover was 658.42 million shares valued at RM696.26mil. There were 229 gainers, 401 losers and 368 counters unchanged.
The recent upward trend in the market had been underpinned by forein buying while the local funds had been taking profit.
Among the key regional markets, Reuters reported China stocks fell nearly 1% ahead of a slew of economic data, with some investors locking in profit from a month-long rebound that reflects expectations for a strong first quarter.
Hong Kong shares also dropped, tracking weak global markets, as bank shares slumped in Europe and the United States, the news wire reported.
The ringgit slipped to 3.9258 against the US dollar from 3.9158; it was lower at 5.5237 to the pound sterling from 5.5147 and was at 2.90789 to the Singapore unit from 2.9028. It also slipped against the euro to 4.4630 from 4.4689.
Genting Bhd fell 14 sen to RM9.12 and erased 0.87 of a point. Genting Malaysia fell six sen to RM4.54 and MISC five sen to RM8.80 and UMW 14 sen to RM6.74. Tenaga shed four sen to RM14.38.
Public Bank lost 14 sen to RM19.22 and wiped out 0.91 of a point, Maybank shed one sen to RM9.11, CIMB five sen to RM4.80 while Hong Leong Bank was unchanged at RM13.46.
Crude palm oil for third month delivery shed RM6 to RM2,704 per tonne. Sime Darby and IOI Corp were flat at RM7.90 and RM4.49, KL Kepong rose four sen to RM24 and PPB Group eight sen higher at RM16.48.
US light crude oil rose 76 cents to US$38.02 and Bent 62 cents higher at RM40.05. SK Petro was flat at RM1.80, Petronas Dagangan and Petronas Chemicals unchanged RM23.86 and RM6.70 while Petronas Gas shed two sen to RM21.88.
Bumi Armada fell 2.5 sen to 73.5 sen in active trade. UOB Kay Hian Malaysian Research had upgraded the sector to Mareket Weight following its most recent Buy upgrade on Bumi Armada.
“We maintain our view that 2016 is another year of survival, and earnings risks will persist as Petronas is still renegotiating contracts,” it said.
Maybulk's rally hit a speed bump, down four sen to 87 sen after a query from Bursa Securities over the unusual market activity.
As for telcos, Maxis fell six sen to RM6.22, Axiata four sen to RM5.83, Telekom three sen to RM6.70 but Digi added one sen to RM4.80.
Among the key regional markets,
Japan’s Nikkei 225 rose 0.46% to 15,822.94;
Hong Kong’s Hang Seng Index fell 0.7% to 20,124.47;
Shanghai’s Composite Index lost 0.9% to 2,981.42;
Taiwan’s Taiex added 0.58% to 8,539.48;
South Korea’s Kospi fell 0.27% to 1,968.52 and
Singapore’s Straits Times Index fell 0.61% to 2,796.37.
Spot gold fell US$3.75 to US$1,236.70.
Limited time offer:
Just RM5 per month.
