Sunway Construction in focus as KLCI slips

KUALA LUMPUR: Sunway Construction, which made its debut on the Main Market on Tuesday, saw strong trading interest amid a weaker broader market where sentiment had been affected by continued foreign selling and weak global equities.

At 9.16am, the KLCI was down 2.42 points or 0.14% at 1,707.34. Turnover was 211.40 million shares valued at RM157mil. There were 110 gainers, 222 losers and 164 counters unchanged.

JF Apex Research said following the bearish sentiment, the KLCI was expected to remain under foreign selling pressure and could test the immediate support level of 1,705.

BIMB Research said trading participation on Monday saw net selling by foreign institutions and local retail while local institutions were net buyers.  

Foreign funds were net sellers at -RM259.8mil and retailers at -RM10.2mil while local institutions were net buyers at RM270mil, according to its data.

Sunway Construction rose five sen to RM1.25, but it was off its earlier high of RM1.32.

Ikhmas Jaya, which was listed on Monday, shed two sen to 80 senn after the price surge.

Petronas Gas fell 50 sen to RM21.08 but Petronas Dagangan added 12 sen to RM20.72.

Time dotCom lost 20 sen to RM6.75 and UMW was down 12 sen to RM10.

As for plantations, PPB Group lost 14 sen to RM14.96 and KL Kepong 12 sen to RM22.

Lii Hen lost 20 sen to RM5.70 and Magni-tech 14 sen to RM14.96.

Other gainers were SCGM, up 11 sen to RM3.90, Kossan seven sen to RM7.21 and AmBank five sen higher to RM5.69 while Berjaya Toto added five sen also to RM3.33.

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