Tenaga, TM, MISC drag KLCI into the red, volume shrinks (Update)

KUALA LUMPUR: Fund selling of Tenaga Nasional, Telekom Malaysia and Genting Bhd pushed the FBM KLCI deeper into the red on Friday on some mild reshuffling of their portfolios.

At 5pm, the FBM KLCI was down 6.43 points or 0.35% to 1,832.26 but the broader market improved with 450 gainers to 357 losers and 325 counters unchanged.

Reflecting the lacklustre market was the sharply lower turnover, which fell to 1.57 billion shares valued at RM1.81bil compared with Thursday's turnover of 2.27 billion shares valued at RM2.37bil.

European shares steadied in early trading on Friday, with many investors waiting for US jobs data to provide fresh clues to health of the economy and help set the market's near-term direction.

China stocks fell as investors worried about the fall-out from the Shanghai Chaori Solar Energy Science & Technology Co.'s bond default, wire reports said.

At Bursa Malaysia, Tenaga fell 14 sen to RM11.98 and wiped out 1.58 points from the KLCI. TM and Genting Bhd lost 10 sen each to RM5.80 and RM10.02 and wiped out a total of 1.56 points.

Axiata fell six sen to RM6.49 and erased 1.07 points, DiGi fell two sen to RM5.08 but Maxis edged up one sen to RM6.91.

MISC was down 11 sen to RM6.54 while Petronas Dagangan lost 20 sen to RM30.20 and Uzma's recent run-up hit a speed bump to fall 14 sen to RM5.80.

Hong Leong Cap rose the most, up 40 sen to RM11 while Maybank rose four sen to RM9.74 and HLFG added 12 sen to RM15.58.

Cement players, Lafarge rose 35 sen to RM9.29 and Cahya Mata Sarawak added 34 sen to RM9.

Golsta Synergy continued to see strong buying interest, adding 26 sen to RM3.38 and far exceeding the takeover offer price of RM2.10.

Crude palm oil for third-month futures rose RM24 to RM2,891 with industry experts expecting it to cross RM3,000.  However, PPB fell 26 sen to RM16.40 but FGV edged up one sen to RM4.63.

The ringgit strengthened to 3.2578 against the US dollar from the previous close of 3.2615.

Among the key regional markets,

Japan's Nikkei 225 rose 0.92% to 15,274.07;

Hong Kong's Hang Seng Index fell 0.19% to 22,660.49;

Shanghai's Composite Index fell 0.08% to 2,057.91;

Taiwan's Taiex was flat at 8,713.96

South Korea's Kospi fell 0.05% to 1,974.68 and

Singapore's Straits Times Index rose 0.23% to 3,136.26.

US light crude oil rose 30 cents to US$101.86 and Brent edged up one cent to US$108.11.

Spot gold fell US$1.84 to US$1,348.98.

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