IOI Corp weighs on KLCI as ringgit climbs

KUALA LUMPUR: Blue chips fell in early Wednesday trade as IOI Corp came under some selling pressure, continuing from the impact of the Roundtable of Sustainable Palm Oil on April 1, while the stronger ringgit could impact exports.

At 9.51am, the KLCI was down 1.2 points or 0.07% to 1,709.95. Turnover was 372.22 million shares valued at RM257.71mil. There were 246 gainers, 167 losers and 254 counters unchanged.

The ringgit strengthened against the US dollar in early trade on weak US housing data, said a dealer. Bernama said. As of 9.14 am, the domestic unit appreciated to 3.8580/8630 against the greenback from Tuesday's close at 3.8870/8940.

IOI Corp fell 11 sen to RM4.36 with 1.4 million shares done. KL Kepong lost 12 sen to RM23.80 and PPB Group six sen to RM16.32 with 100 shares done each.

BAT fell the most, down 48 sen to RM55.06 with 14,000 shares traded.

CCB lost 10 sen to RM3.49 despite the firmer results. Its 1QFY16 net profit rose 43.1% on-year to RM9.5mil as its revenue improved on higher sales of lower-priced vehicles. 

Latitude Tree gave up seven sen to RM5.58. 

AirAsia rose three sen to RM2.15, AirAsia X two sent to 37 sen and the warrants 1.5 sen to 20.5 sen.

Spring Gallery continued to see heavy trading interest for the second day, with the shares up  nine sen to 89 sen. Its warrants and ICPS were flat at 22.5 sen and 10.5 senmin active trade also.

Hong Leong Industries was the top gainer, up 35 sen to RM7.19. Its 3QFY16 net profit rose 27.4% on-year to RM58.65mil due to higher contribution from an associate company.

Petronas Gas and Genting added 12 sen each to RM22 and RM9.11.

Reuters reported Brent crude futures, were down 55 cents at US43.48 a barrel at 0030 GMT. On Tuesday, they settled up US$1.12, or 2.6 percent, at US$44.03 a barrel. 

US crude was down 66 cents at US$40.36. The contract rose US$1.30, or 3.3 percent, to US$41.08 in the previous session. 
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