Tenaga main drag on KLCI, Bursa volume exceeds 3b units

  • Business
  • Thursday, 07 Aug 2014

KUALA LUMPUR: The FBM KLCI shed nearly three points at the close on Thursday, with Tenaga Nasional the main drag while several small-capitalised plantations also lost ground.

At 5pm, the KLCI was down 2.6 points or 0.14% to 1,867.32. Strong interest in lower liners and small capitalised stocks saw turnover on Bursa Malaysia rise to 3.19 billion units valued at RM2.32bil.

The broader market was slightly firmer, with 459 gainers, 388 losers and 330 counters.

Reuters reported investors sold Asian stocks overnight and flocked to safe-haven assets such as bonds and gold. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.3%.

It also said the first Russian riposte in a sanctions tussle with the West over Ukraine kept European shares and the euro under pressure, as markets waited to hear how the European Central Bank would respond to the crisis.

At Bursa Malaysia, Tenaga Nasional fell 20 sen to RM12.10 with 16.35 million shares done. There were concerns about a delay in the fuel cost pass through (FCPT) mechanism.

Among the finance and banks, HLFG was the top loser, down 24 sen to RM17.26.

As for plantations stocks Batu Kawan fell 24 sen to RM19.54, Genting Plantations lost 16 sen to RM10.80 and SPB 12 sen to RM6.33. KL Kepong rose 14 sen to RM23.86.

High-5 fell 3.5 sen to five sen with 55.62 million shares done as it faces imminent de-listing after Bursa Malaysia Securities rejected its regularisation plan.

Among consumer stocks, F&N fell 12 sen to RM17.68 despite reporting third-quarter earnings which CIMB Equities Research said had trumped its expectations.

The results were at 88% of its full-year forecast and 83% of consensus estimates, it said. "We had underestimated the margin expansion for its dairy business in Malaysia," it said. It raised the target price from RM19.16 to RM21.17

However, BAT fared better, adding 58 sen to RM69.80 and Nestle 30 sen to RM67.30.

Tasco climbed to a record high of RM2.75, up 18 sen after posting a strong set of earnings.
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