KLCI falls as MAHB, Public Bank and Axiata weigh

  • Business
  • Wednesday, 06 Aug 2014

KUALA LUMPUR: Malaysia’s blue chips fell in early Wednesday trade, tracking the overall weaker key regional markets and the overnight fall on Wall Street, with some mild selling in Malaysia Airports (MAHB), Public Bank and Axiata.

At 9.10am, the FBM KLCI was down four points to 1,872.69. Turnover was 220.35 million shares valued at RM83.70mil. There were 148 gainers and also 148 losers while 233 counters were unchanged.

Reuters reported Asian stocks slipped on Wednesday while the US dollar held firm after a slump on Wall Street and tensions over Ukraine instilled a mood of risk aversion across markets.

The wire report said geopolitical concerns overshadowed upbeat US economic data which included a spike in service-sector activity to a nine-year peak and a surprisingly large increase in factory orders.

On the Malaysian equities market, BIMB Securities Research reiterated that market volatility is heightening towards the final two quarters of 2014.

It pointed out that at Bursa Malaysia, last minute buying predominantly led by the foreign funds helped the KLCI to close just 0.89 of a point to 1,876.69.

“Net participation from the foreign funds was an inflow RM85.8mil yesterday. We reckon trading pattern to be similar today from the lack of fresh catalysts and see the index to gravitate towards the 1,870 to 1,875 range today,” BIMB Securities Research added.

PPB Group fell the most, down 30 sen to RM14.62 and KL Kepong was down 10 sen to RM23.70 but with only 100 shares traded for each counter while Sarawak Plantations shed five sen to RM2.63 with 200 shares done.

MAHB fell 22 sen to RM7.28 in active trade, with 548,500 shares done.

Petronas Gas slipped eight sen to RM22.20 with 1,600 shares traded but Petronas Dagangan rose six sen to RM20.16 with 300 shares done.

Public Bank fell eight sen to RM19.80 on mild profit taking as its 23 sen a share dividend goes ex on Friday.

Telco Axiata fell six sen to RM6.91. Protasco lost  seven sen to RM1.77 after it called off its venture into the onshore marginal oilfield development in Indonesia.

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