KLCI down 12 points as Petronas stocks, Tenaga slide

  • Business
  • Friday, 08 Aug 2014

KUALA LUMPUR: Key Asian markets and Malaysia’s FBM KLCI skidded in early Friday on mounting geopolitical tensions in Ukraine and the Middle East.

At 9.48am, the FBM KLCI fell 12.64 points to 1,854.68. Turnover was 776.99 million shares valued at RM245.01mil. Declining stocks beat advancers 369 to 140 while 258 counters were unchanged.

Reuters reported Asian shares were pressured on  as investors sought out safe-haven assets on growing fears that geopolitical tensions in Ukraine and the Middle East would sap global growth.

Trading in Malaysia Airlines (MAS) was suspended from 9am Friday pending a material announcement, which could be a restructuring to turn around the ailing national carrier.

BIMB Securities Research said the KLCI fell 2.60 points to 1,867.32 on Thursday in line with the exodus of foreign funds out of the region.

“Foreign selling on the local bourse was rather prominent with another net outflow of RM144.7mil.

“We do not foresee the profit taking to relent anytime soon and see the immediate support at the 1,865 level,” said the research house.

BAT fell the most, down RM1.60 to RM68.20 and Nestle was down 30 sen to RM67 in thin trade.

Tenaga Nasional extended its losses, down 12 sen to RM11.98 in active trade.

Petronas Gas tumbled 64 sen to RM21.56 and Petronas Dagangan 26 sen lower at RM19.74. UMW fell 20 sen toRM11.66 and MPI 19 sen to RM6.20 and MISC shed 13 sen to RM6.57.

KL Kepong lost 12 sen to RM23.74 but United Plantations rose 50 sen to RM29 with 100 shares done.

Dutch Lady added 10 sen to RM46.90 and GAB gained eight sen to RM13.50.

Tasco extended its record winning streak, underpinned by its stronger earnings, rising 11 sen to RM2.86.

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