KLCI snaps recent two weeks of gains as CIMB slips

  • Markets
  • Tuesday, 20 Oct 2015

KUALA LUMPUR: Some profit taking of key bank stocks including CIMB dragged the FBM KLCI into the red at midday on Tuesday, snapping two weeks of gains while the ringgit continued to lose ground.

At midday, the KLCI was down 4.41 points or 0.26% to 1,713,79. Turnover was 1.06 billion shares valued at RM735.30mil. Losers beat gainers 474 to 241 and 290 counters unchanged.

The ringgit weakened against the major currencies due to the decline in oil revenues and other factors. It fell to 4.2400 against the US dollar from 4.2075 the previous day while it slipped to 6.5640 against the pound sterling from 6.5049 and it was at 3.0526 against the Singapore dollar from 3.0426.

However, key Asian markets were mixed. China stocks ended Tuesday morning roughly flat as robust gains in tech-heavy small-caps offset weakness in cyclical stocks such as banking and real estate, according to Reuters. 

HLFG was the top loser, down 26 sen to RM14.72.

CIMB lost nine sen to RM4.97 on profit taking after the recent rebound and erased 1.29 points from the KLCI. Hong Leong Bank fell six sen to RM14.24, AmBank lost five sen to RM4.99, RHB Capital four sen to RM6.26 and Maybank lost one sen to RM8.63. Public Bank added two sen to RM18.72, 

Crude palm oil for third-month delivery rose RM22 to RM2,296 per tonne. United Plantations rose 20 sen to RM26.50, Genting Plantations added 18 sen to RM10.30, while KL Kepong was flat at RM22.70 but PPB Group fell 22 sen to RM15.58, IOI Corp shed two sen to RM4.38 and Sime Darby six sen to RM8.64.

AirAsia fell five sen to RM1.52 in active trade while its call warrants AirAsia C25 lost three sen to 36 sen. 

Consumer stocks were mixed, with BAT up 56 sen to RM63.36 but Nestle fell 16 sen to RM71.46.

Auto parts maker APM fell 13 sen to RM4.07 on a less positive outlook for the car industry.

Sarawak-based property company Ibraco fell 10 sen to RM2.65 and Country View nine sen to RM1.66.

However, Top Glove extended its rally for the third day on its record earnings, dividends and bonus issue, surging 29 sen to RM9.10.

Infrastructure to property based Gamuda recovered from Monday’s loss to add 13 sen to RM4.78.

US light crude oil and Brent advanced 18 cents each to US$46.07 and US$48.79. Petronas Dagangan and Petronas Gas fell six sen to RM23.48 and RM22.74 but Petronas Chemicals gained five sen to RM6.49.

Among the key regional markets,

Japan’s Nikkei 225 rose 0.31% to 18,187.84;

Hong Kong’s Hang Seng Index fell 0.48% to 22,964.98;

Shanghai’s Composite Index shed 0.09% to 8,623,97;

Taiwan’s Taiex fell 0.09% to 8,623.97;

South Korea’s Kospi rose 0.2% to 2,034.39; and

Singapore’s Straits Times Index fell 0.12% to 3,020.96.

Spot gold fell US$1.66 to US$1,169.12 per troy ounce.

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