KUALA LUMPUR: The FBM KLCI closed down nearly eight points at the close on Monday as selling pressure picked up on large cap counters including Tenaga Nasional, Genting Bhd
and Public Bank.
At 5pm, the KLCI was down 7.8 points or 0.43% to 1,795.85. Turnover was 2.13 billion shares valued at RM1.77bil. There were 374 gainers, 436 losers and 311 counters unchanged.
At Bursa Malaysia, market sentiment weakened in the afternoon session with selling picking up when European markets opened for trading. Selling pressure was seen mostly in power giant Tenaga.
European shares slipped, taking a breather following recent sharp gains, while shares in Pirelli rose 3.5% after China National Chemical Corp agreed to buy the tyre maker in a 7.1 billion euro (US$7.66bil) deal, Reuters reported.
Among the key Asian markets, Japan and China markets were among the top performes but the others were mixed.
At Bursa Malaysia, Tenaga fell 36 sen to RM14.24 and erased a hefty 3.54 points from the KLCI.
Genting Bhd lost 27 sen to RM8.30 and wiped out 1.76 points and Genting Malaysia was down seven sen to RM4.10.
Among the banks, Public slipped 18 sen to RM18.42, Maybank three sen to RM9.12 and CIMB one sen to RM6.04 but RHB Cap advanced 10 sen to RM7.92.
Among the Hong Leong Group, Hong Leong Capital fell 58 sen to RM9.70 ahead of its trading suspension on Thursday for not meeting the public shareholding spread. Its last trading day is Wednesday.
HLFG lost six sen to RM16.82 and Hong Leong Bank two sen to RM14.16.
Oil prices dropped more than 1.5% on Monday as China's imports weakened, while comments from top exporter Saudi Arabia that it would not unilaterally cut its output to defend prices also dragged on the crude market, Reuters reported.
US crude fell US$1.03 to US$45.54 and Brent 91 cents to US$54.41.
Petronas Chemicals rose 22 sen to RM5.34 and pushed the KLCI up 3.07 points. Petronas Dagangan added 14 sen to RM19.30 but Petronas Gas fell six sen to RM23.04 while SapuraKencana Petroleum gained three sen to RM2.30.
Crude palm oil for third month delivery rose RM22 to RM2,182 per tonne. KL Kepong fell 38 sen to RM22.14, SOP 32 sen to RM4.98, PPB 26 sen to RM14.72 and FGV three sen to RM2.13.
Hunza Properties jumped 23 sen to RM2.33 after its major shareholder made a takeover offer at RM2.50 a share.
Opecom surged 21.5 sen to RM1.16 as investors expected Tan Sri Mokhzani Mahathir, who was made CEO, to drive the company after his resignation from SapuraKencana Petroleum. He was formerly Opcom chairman.
Parkson added 15 sen to RM2.14 after investors took heart from the board’s assurance the company’s fundamentals were intact after the earlier selling pressure.
Semicon companies Globetronics and MPI were among the top gainers. Globetronics added 25 sen to RM5.55 and MPI 14 sen to RM6.78.
The ringgit firmed up to 3.6950 against the US dollar from the previous close of 3.7333.
Among the key regional markets,
Japan’s Nikkei 225 rose 0.99% to 19,754.36;
Hong Kong’s Hang Seng Index rose 0.49% to 24,494.51;
Shanghai’s Composite Index surged 1.95% to 3,687.73;
Taiwan’s Taiex edged up 0.09% to 9,758.09;
South Korea’s Kospi fell 0.03% to 2,036.59 and
Singapore’s Straits Times Index edge dup 0.06% to 3,414.63.
Spot gold fell US$1.59 to US$1,180.95.