KLCI closes in the red on Petronas Chemicals, RHB Cap losses

KUALA LUMPUR: The FBM KLCI ended Friday on a downbeat note on losses by Petronas Chemicals and RHB Capital but the broader market showed signs of stabilising.

At 5pm, the KLCI was down 1.68 points or 0.1% to 1,720.76. Turnover was 1.749 billion shares valued at RM1.50bil. There were 424 gainers, 416 losers and 305 counters unchanged.

The ringgit was weaker against the US dollar at 3.8098 compared with the previous close of 3.8045. 

All key regional markets closed in the red. Hong Kong stocks posted their biggest one-day drop in two weeks on Friday, tracking sluggish overseas markets, and taking cues from a correction in mainland shares, according to Reuters. 

The Malaysian stock market had come under selling pressure from foreign funds, which had been reducing their shareholdings. However, the selling had been well absorbed by local funds. 

Despite the cautious market sentiment on Bursa, several stocks were in the limelight like Taliworks, JAKS Resources, PIE and Latitude Tree.

US light crude oil rose 24 cents to US$48.69 but Brent lost 13 cents to US$55.14. 

Petronas Chemicals fell 11 sen to RM6.33 and erased 1.52 points from the KLCI and Petronas Gas fell four sen to RM21.60 but Petronas Dagangan gained two sen to RM20.58. SKPetro edged up one sen to RM2.39.

Among the banks, RHB Capital fell 15 sen to RM7.39 and wiped out 0.67 of a point from the index. AmBank fell four sen to RM5.63, Public Bank two sen to RM19, CIMB and Hong Leong Bank were flat at RM5.50 and RM13.66 but Maybank gained four sen to RM9.23.

Crude palm oil for third-month delivery fell RM8 to RM2,181 per tonne. IOI Corp fell three sen to RM4.22, but Sime gained four sen to RM8.48, KL Kepong two sen higher at RM22.52 and PPB Group jumped 34 sen to RM15.38.

As for the telcos, TM fell six sen to RM6.63, Axiata and Maxis one sen lower to RM6.36 and RM6.58 but DiGi advanced seven sen to RM5.38.

Tenaga lost two sen to RM12.28 but UMW and Genting Bhd rose two sen each to RM10.26 and RM8.27.

Consumer stocks were mixed with Carlsberg down 24 sen to RM12.44, BAT 18 sen to RM64.60 but Nestle added 48 sen to RM72.

JAKS Resources climbed 6.5 sen to RM1 in active trade, the highest since February 2008. JAKS’ 1,200MW power plant project in Vietnam was back on track with a bigger joint-venture partner

Taliworks’ share split and free warrants proposal saw it surging 24 sen to RM3.75.

Among the key regional markets,

Japan’s Nikkei 225 fell 0.67% to 20,544.53;

Hong Kong’s Hang Seng Index fell 1.06% to 25,128.51;

CSI 300 fell 1.75% to 4,176.28;

Shanghai’s Composite Index fell 1.29% to 4,070.91;

Shenzen Composite fell 1.27% to 2,322.71;

Hang Seng China Enterprise lost 1.31% to 11,679.02;

Taiwan’s Taiex fell 0.26% to 8,767.86;

South Korea’s Kospi fell 0.93% to 2,045.96 and

Singapore’s Straits Times Index lost 0.21% to 3,349.41.

Spot gold fell US$6.72 to US$1,083.98.

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