KUALA LUMPUR: Blue chips extended their losses early Tuesday, weighed down gain by power giant Tenaga Nasional and Petronas Dagangan, while key Asian markets were in the red after China cuts its growth target.
At 9.10am, the FBM KLCI was down 6.87 points or 0.41% to 1,686.12. Turnover was 160.85 million shares valued at RM84.65mil. There were 116 gainers, 183 losers and 164 counters unchanged.
Asian shares fell after China cut its economic growth target and pledged measures to support the economy amid growing challenges from rising debt and a dispute over trade and technology with the US, Reuters reported.
Australian shares dropped 0.6% while South Korea's Kospi lost 0.5%. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.2% and Japan's Nikkei dropped 0.3%.
China cut its growth target for this year to 6% to 6.5%, in line with expectations, from around 6.5%.
At Bursa, Nestle fell the most, down 40 sen to RM148.40 with 300 shares done, F&N lost 32 sen to RM34.82 and BAT 12 sen lower at RM33.20.
Petronas Dagangan lost 30 sen to RM25.90, HLFG 24 sen to RM19.36 and Tenaga 14 sen lower at RM12.82.
As for plantations, KL Kepong lost 18 sen to RM24.58, PPB Group 16 sen to RM18.24 and Genting Plantations 12 sen lower at RM10.28. However, FGV rose four sen to RM1.22 in active trade.
Hong Leong Bank rose 22 sen to RM21.48 and RHB Bank gained 11 sen to RM5.86 while Aturmaju added 6.5 sen to 48.5 sen.
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