KLCI sheds nearly 12pt on banks, Genting losses

  • Business
  • Wednesday, 11 Mar 2015

KUALA LUMPUR: There was not much respite for the local stock market as fund selling of blue chips including banks and Genting Bhd saw the FBM KLCI close down nearly 12 points on Wednesday as sentiment was dampened by the weak close on Wall Street.

The ringgit plumbed to a low of 3.7190 against the US dollar before climbing to 3.6972 at 5pm.

The euro plumbed another 12-year low against the dollar, extending a broad decline since the European Central Bank kicked off its 1.1 trillion euro asset-buying programme at the start of the week, Reuters reported.

At 5pm, the KLCI was down 11.57 points or 0.65% to 1,778.16. Turnover was 2.505 billion shares valued at RM2.4bil. Decliners led advancers 523 to 321 while 296 counters were unchanged.

Bank Negara Malaysia is due to release its annual report for 2014 and its outlook for 2015 and 6pm on Wednesday. Economists are expecting slightly slower growth from the 6% in 2014 because of a more challenging external environment due to the fall in crude oil and crude palm oil prices.

Among the key Asian markets, China stocks surrendered early gains and ended almost flat on Wednesday, as fresh economic data dented investor confidence and put downward pressure on main share indexes.

Hong Kong, South Korea, Taiwan and Singapore also closed lower except for Japan.

At Bursa Malaysia, banks erased a total of 5.7 points from the KLCI. Maybank fell 14 sen to RM9.09 and wiped out 2.28 points while CIMB lost 15 sen to RM5.80 and erased 2.208 points. Public Bank gave up 18 sen to RM18.20 and erased 1.22 points.

Hong Leong Bank fell 14 sen to RM14.04 while AmBank and RHB Cap were down four sen each to RM6.31 and RM7.86. LPI rose 26 sen to RM22.40.

Axiata fell 13 sen to RM6.98, TM eight sen to RM7.07 but DiGi rose nine sen to RM6.27.

Genting Malaysia lost 16 sen to RM8.14 and wiped out 1.047 points.

Crude palm oil for third month delivery fell RM18 to RM2,255 per tonne. IJM Plantations lost 28 sen to RM3.50, PPB Group 16 sen to RM14.46, FGV two sen to RM2.18.

Berjaya Food and its warrants 20 sen each to RM2.60 and RM1.90.  CIMB Equities Research said Berjaya Food’s earnings for the nine-months ended Jan 31, 2015 were below expectations at 61.4% of its and 58.5% of consensus full-year forecasts.

US crude oil rose 17 cents to US$48.46 but Brent fell 17 cents to US$56.22. Petronas Chemicals fell six sen to RM5.09, Petronas Gas four sen to RM22.48 and Petronas Dagangan two sen lower at RM18.56. Yinson bucked the trend to climb 13 sen to RM2.85.

Atlan gained 30 sen to RM5, Opcom 21 sen to 91.5 sen. 

Among the key regional markets,

Japan’s Nikkei 225 rose 0.31% to 18,723.52;

Hong Kong’s Hang Seng Index fell 0.75% to 23,717.97;

Shanghai’s Composite Index rose 0.15% to 3,290.90;

Taiwan’s Taiex fell 0.14% to 9,523.18;

South Korea’s Kospi fell 0.2% to 1,980.83 and

Singapore’s Straits Times Index lost 0.57% to 3,378.75.
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