KLCI extends decline early Friday, GentingM, Bursa down

KUALA LUMPUR: Blue chips extended their decline early Friday following the negative geopolitical news and the overnight fall on Wall Street, with Genting Malaysia  and Bursa Malaysia among the biggest decliners in the FBM KLCI index.

At 9.19am, the KLCI was down 2.6 points to 1,735.58. Turnover was 415.13 million shares valued at RM106.8mil. Decliners beat advancers 329 to 97 while 249 counters were unchanged.

Major US stock indexes fell on Thursday for a third straight day as investors weighed earnings reports from big US banks and geopolitical tensions, while the tech sector fell for a tenth consecutive session, Reuters reported.

The Dow Jones Industrial Average fell 0.67% to 20,453.25, the S&P 500 lost 0.68%, to 2,328.95 and the Nasdaq Composite dropped 0.53%to 5,805.15.

Maybank Investment Bank Research said the KLCI is likely to retest its immediate support at  1,735 in the near-term. 

A violation of the level could drag the KLCI towards its previous  low.

"We expect the KLCI to trade within the 1,725 to 1,745 range today. Support is pegged at 1,735 and 1,710," said the research house.

Bursa Malaysia, which had rallied following the surge in trading value, fell nine sen to RM9.51 but with only 3,000 shares done. Genting Malaysia lost eight eight sen to RM5.60 and BAT 10 sen lower at RM46.80 with 100 shares done.

MPI fell the most, down 18 sen to RM11.04, George Kent nine sen lower at RM3.95 and Mieco eight sen down at RM2.16. 

JHM slid eight sen to RM3.58, extending its decline on profit taking after last week’s rally.

Petronas Gas added 12 sen to RM19.86 with 1,200 shares done. KESM rose 10 sen to RM12.04 while EITA inched up three sen to RM1.99 after the surge on Thursday.

SEG International rose eight sen to RM1.20 after it proposed a five-for-seven bonus issue of up to 516.82 million shares.

As for plantations, TH Plantations added four sen to RM1.18 while Harisson added three sen to RM3.70.