KUALA LUMPUR: Blue chips slipped in early trade on Friday as the start of the third quarter got underway as news about weaker China production data, Malaysia’s largest trading partner, made investors hesitant.
At 9.27am, the FBM KLCI was down 4.86 points or 0.29% to 1,649.22. Turnover was 161.02 million shares valued at RM50.38mil. There were 127 gainers, 139 losers and 166 counters unchanged.
Foreign funds emerged as net buyers on Thursday at RM283.5mil while local institutions and retail investors were net sellers at –RM226.1mil and –RM57.4mil.
Reuters reported that growth in China's manufacturing sector stalled in June, an official survey showed on Friday, in line with market expectations that factories are slowly losing momentum.
The official Purchasing Managers' Index (PMI) stood at 50 in June, compared with the previous month's reading of 50.1 and right on the 50-point mark that separates growth from contraction on a monthly basis.
Reuters also reported oil prices rose early on Friday, with Brent jumping back above US$50 per barrel, as investors positioned themselves for more price increases this year in expectation of a tighter market.
International Brent crude oil futures were trading at US$50.04 per barrel at 0026 GMT, up 33 cents from their last settlement. US West Texas Intermediate (WTI) crude was up 28 cents at US$48.61 a barrel.
At Bursa Malaysia, PPB Group was down 22 sen to RM16.28 with 200 shares done, BAT lost 14 sen to RM52.56, Genting 10 sen to RM8.10 while Genting Malaysia lost seven sen to RM4.38 and Tenaga six sen lower at RM10.04.
Poh Huat fell nine sen to RM1.45 in active trade while the entitlement to Tien Wah right shares lost 7.5 sen to 62.5 sen.
Nestle was the top gainer, up 48 sen to RM77 with 200 shares done, Aeon Credit
advanced 34 sen to RM13.28 and HLFG 12 sen to FRM14.80.
UliCorp and Scientex gained 12 sen each to RM6.72 and RM12.56.
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