KLCI follows key Asian markets lower at midday

KUALA LUMPUR: Bursa Malaysia followed the key Asian markets lower at midday on Thursday as investors took the opportunity to lock in gains following negative economic data from China.

At 12.30pm, the KLCI was down 2.88 points or 0.17% to 1,722.66. Turnover was 2.04 billion shares valued at RM968.96mil. Decliners beat advancers five to three or 503 losers to 280 gainers while 360 counters unchanged.

Bloomberg reported equity markets declined after data showed Chinese producer prices rising at the fastest pace since just after the Beijing Olympics, while consumer prices were weaker than expected.

The Hang Seng Index and Shanghai Composite Index both fell the most this month, while a gauge of Chinese stocks traded in Hong Kong had the steepest drop since mid-January. Japanese equities gave up some of their early gains but remained higher, supported by a weaker yen.

The ringgit fell against the US dollar and pound sterling but firmed up against the Singapore dollar and Euro. It slipped to 4.4605 to the greenback from 4.4552 the previous day and weakened against the pound to 5.4245 from 5.4183. However, it rose against the Sing dollar to 3.1416 from 3.1505 while it advanced against the Euro to 4.6972 from 4.7001.

US light crude oil recovered slightly from the previous day's fall, rising 31 cents to US$50.59 and Brent gained 44 cents to US$53.55. 

Petronas Gas fell 12 sen to RM19.68, Petron Malausia and SapuraKencana 10 sen each to RM6 and RM1.93 while Bumi Armada lost three sen to 70.5 sen with 29.8 million shares done. Petrponas Dagangan lost eight sen to RM24.32 and Petronas Chemicals shed two sen to RM7.42.

Among the banks, Public Bank lost eight sen to RM19.84, AmBank six sen to RM4.93, Maybank three sen to RM8.80 and RHB Bank one sen lower at RM5.18 but CIMB and Hong Leong Bank gained two sen each to RM5.39 and RM13.42.

As for telcos, Axiata was down nine sen to RM4.63 and erased 1.32 points from the KLCI, Digi and Maxis rose one sen each to RM5.09 and RM6.41 while Telekom gained two sen to RM6.30.

Perstima was the top loser, down 14 sen to RM6.96 while JHM's rally halted, sliding 11 sen to RM2.83.

IW City jumped 11 sen to RM1.75 with 72.17 million shares done as investors were positive about Iskandar Waterfront Holdings Sdn Bhd's (IWH) proposed merger. IWH will take over the listing status of IWC in a share swap. 

Crude palm oil for third-month delivery fell RM5 to RM2,870 per tonne. IOI Corp and Sime Darby were flat at RM4.69 and RM9.10, PPB Group fell six sen to RM16.80 but KL Kepong added 10 sen to RM24.50.

Among the consumer stoclks, Dutch Lady rose 96 sen to RM57.32, Carlsberg  and BAT up 24 sen each to RM14.38 and RM47.60 but F&N fell 14 sen to RM23.46.

Among the key regional markets,

Japan’s Nikkei 225 rose 0.36% to 19,324.22;

Hong Kong’s Hang Seng Index fell 0.98% to 23,549.11;

CSI 300 lost 0.75% to 3,422.98;

Shanghai’s Composite Index was down 0.85% to 3,213.16;

Hang Seng China Enterprise skidded 1.37% to 10, 139.89;

Taiwan’s Taiex was down 0.81% to 9,674.13; 

South Korea’s Kospi shed 0.08% to 2,093.71 and

Singapore’s Straits Times Index fell 0.73% to 3,122.24.

Spot gold fell US$3.60 to US$1,204.71.