KLCI snapped 5-day gains; Maybank and its rights shares fell

KUALA LUMPUR: The Kuala Lumpur Composite Index (KLCI) fell 10.32 points, or 1.1%, to 913.45 points before the mid-day break, as investors took profit following five days of rally.

The benchmark index was dragged by heavy selling in Malayan Banking Bhd (Maybank) and its rights shares (Maybank-OR), which started trading today. The exercise price to the rights is set at RM2.74 each. Maybank declined 22 sen to RM3.94 while Maybank-OR dropped 34 sen to RM1.08.

Stocks like Bumiputra-Commerce Holdings Bhd (BCHB), Genting Bhd, Resorts World Bhd and Axiata Group Bhd (formerly known as TM International Bhd) succumbed to profit taking after several days of gains.

BCHB shed 30 sen to RM7.45, Genting decreased by 8 sen to RM4.20, Resorts was down 4 sen at RM2.24 while Axiata slipped 10 sen to RM2.59.

Landmarks Bhd and Alam Maritim Resources Bhd were among the few that bucked the trend. Landmarks gained 5.5 sen to 84 sen while Alam Maritim added 2 sen to 85 sen, off intraday high of 87.5 sen.

Hwang-DBS Vickers Research, in its report, said it was positive of Alam Maritim’s latest contract award worth RM7.7mil.

“The decent rate is in line with our expectation that the DCR (daily charter rate) will not plunge further given the recovery in crude oil price and shortage of local vessels,” it said.

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