KLCI, key Asian markets in the red at midday

KUALA LUMPUR: Malaysian equities tracked key Asian markets losses at midday on Thursday as  China, the world's second largest economy, reported slower industrial profit growth and continued yuan weakness.

At 12.30pm, the KLCI was down 7.02 points or 0.42% to 1,666.90. Turnover was 804.33 million shares valued at RM603.07mil. There were 215 gainers, 407 losers and 355 counters unchanged.

The ringgit gave up part of the recent gains, falling to 4.1820 against the US dollar from 4.2590 on Wednesday. It slipped to 5.1089 against the pound sterling from 5.0829 and weakened against the Singapore dollar to 3.0030 from 2.9985. It fell agains the Euro toi 4.5586 from 4.5479.

Reuters reported China stocks fell on Thursday as sentiment soured on slowing industrial profit growth, persistent yuan weakness, and growing concerns over tighter liquidity. 

Hong Kong shares dropped over 1%, dragged by energy shares on lingering worries about China's economic health and a possible US rate hike in December. 

China's blue-chip CSI300 index fell 0.4%, to 3,340.66 while the Shanghai Composite Index lost 0.3% to 3,105.81, Reuters said.

At Bursa Malaysia, Public Bank fell eight sen to RM19.72, Hong Leong Bank and AmBank six sen lower to RM13.30 and RM4.16 while Maybank and CIMB shed two sen each to RM7.90 and RM4.99. Also down two sen was RHB Bank to RM4.70.

US light crude oil rose five cents to US$49.23 and Brent added seven cents to US$50.05.

Petronas Dagangan fell six sen to RM23,20 while Petronas Chemicals and Petronas Gas gained two sen each to RM7 and RM21.94. SapuraKencana shed two sen to RM1.59.

Sumatec fell 1.5 sen to 6.5 sen with 94.6 million shares done after its subsidiary default on a loan repayment. Its warrants, WB tumbled one sen to 2.5 sen.

Crude palm oil for third month delivery fell RM26 to RM2,770 per tonne. IOI Corp, KL Kepong and PPB Group were flat at RM4.50, RM24.20 and RM15.98 respectively while Sime Darby shed one sen to RM8.09.

Among the big cap stocks, Genting Bhd fell seven sen to RM7.78 and Genting Malaysia four sen to RM4.70 while Tenaga was flat at RM14.32.

Dutch Lady rose 36 sen to RM59.46 with 500 shares done while BAT added 18 sen to RM48.20. However, Ajinomoto fell 14 sen to RM13.50, F&N 12 sen to RM24.36 and Carlsberg 10 sen lower at RM14.68.

Burn-in tester KESM fell the most, down 15 sen to RM9.65 after the recent rally while MPI shed 10 sen to RM7.90.

Spot gold fell 42 cents to US$1,266.69.