KUALA LUMPUR: Sime Darby, Telekom Malaysia and Public Bank were among the major losers at midday on Thursday with the FBM KLCI down as much as nine points as sentiment was further impacted by the fall in key Asian markets.
At 12.30pm, the KLCI was down 9.09 points or 0.57% to 1,573.35. Turnover was 984.94 million shares valued at RM813.44mil. Declining stocks beat advancers nearly two to one or 460 losers to 238 gainers while 268 counters were unchanged.
The ringgit was quoted at 4.1048 to the US dollar versus the previous close pf 4.1058.
On the external front, China's stocks dropped, paring earlier losses, as traders weighed the level of state support for equities amid concern a slowing economy and weaker yuan will spur capital outflows, Bloomberg reported.
Sugar refiners MSM fell the most, down 43 sen to RM4.62 after the release of its lacklustre results on Wednesday.
UMW lost 20 sen to RM8.60, TM fell 11 sen to RM6.18 and Tenaga four sen to RM10.40.
Crude palm oil for third-month delivery fell RM33 to RM2,002. Heavyweight Sime Darby lost 23 sen to RM7.70 while IOI Corp was down one sen to RM3.94 while KL Kepong and PPB Group were flat at RM20.22 and RM15. However, Batu Kawan rose 26 sen to RM18.08.
US light crude oil fell 25 cents to US$40.55 and Brent 26 cents to US$46.90. Petronas Dagangan fell 22 sen to RM19.82 and Petronas Gas gave up 16 sen to RM20.84 and Petronas Chemicals three sen to RM5.71.
Among the banks, AmBank fell 13 sen to RM4.81, HLFG 22 sen to RM13.50, Hong Leong Bank and Public Bank 10 sen each to RM12.68 and RM17.84, CIMB was flat at RM5 but Maybank added three sen to RM8.49.
AirAsia fell two sen to RM1.05 in active trade ahead of the release of its results but the low-cost carrier expects to benefit from the sharp fall in crude oil prices.
Its medium-haul low cost affiliate, Air Asia X, which posted losses in the second quarter, fell 1.5 sen to 16.5 sen.
CIMB Equities Research is maintaining its Reduce call for AAX with a lower target price of 12 sen from its earlier 17 sen.
Pharmaceutical related companies fared better, with Pharmaniaga
up 29 sen to RM6.07 and YSP Southeast Asia adding 20 sen to RM2.72.
Export-driven Top Glove added 15 sen to RM8.12.
Among the key regional markets,
Japan’s Nikkei 225 fell 0.36% to 20,148.93;
Hong Kong’s Hang Seng Index fell 1.25% to 22,878.61;
Shanghai’s Composite Index lost 0.4% to 3,779.10;
Taiwan’s Taiex rose 0.39% to 8,052.91;
South Korea’s Kospi lost 0.73% to 1,925.21 and
Singapore’s Straits Times Index lost 0.99% to 3,011.07.
Spot gold roise US$4/37 to US$1,138.25.
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