Malaysia’s blue chips open lower in cautious trade

KUALA LUMPUR: Malaysia's benchmark FBM KLCI opened in the red on Friday, weighed down by mild selling of HLFG, Petronas Chemicals and Sime Darby as sentiment turned cautious ahead of the weekend and weaker overnight close on Wall Street.

At 9am, the KLCI was down 0.74 of a point to 1,630.01. Turnover was 6.65 million shares valued at RM6.88mil. There were 36 gainers, 36 losers and 53 counters unchanged.

Alliance Research said strong resistance selling can be expected between the 1,636 and 1,640 levels.

“The analysis of overall daily market action on Thursday revealed that buying power was weaker than selling pressure, the KLCI would thus be likely to trade below 1,626.28 on Friday,” it said.

HLFG fell the most, down 24 sen to RM14.64 with 4,100 shares done. PetChem fell six sen to RM6.32 and Sime Darby five sen to RM9.15 while MPHB gave up four sen to RM3.62.

DRB-Hicom lost three sen to RM2.56 and UEM Land two sen lower at RM2.72.

Mah Sing-WB, which were listed on Friday, surged 30 sen to 30.5 sen. Other gainers were Genting Bhd, up three sen to RM9.47 while Astro added two sen to RM2.88. Also up two sen were Tenaga and WCT to RM7.16 and RM2.35.

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