KUALA LUMPUR: Profit taking of selected blue chips especially Maxis and Axiata saw the FBM KLCI erasing nearly four points at midday on Tuesday while the ringgit lost ground as crude oil stayed below US$50 per barrel.
In the holiday-shortened trading session, with the market closing at midday, the KLCI was down 4.13 points or 0.25% to 1,650.71. Turnover was 635.91 million shares valued at RM711mil. There were 299 gainers, 305 losers and 319 stocks unchanged.
Key Asian markets stalled at the midday break except in China, which rose on Tuesday on further signs that growth in the country's services sector is speeding up, and as investors bought shares which are expected to benefit from reforms.
The ringgit weakened against the US dollar to 4.0030 from the previous close of 3.9967 and it was at 5.3044 to the pound sterling from 5.2976. It eased against the euro to 4.4555 from 4.4400. However, it firmed up against the Singapore dollar to 2.9694 from 2.9710.
Maxis fell 22 sen to RM5.88 with 1.37 million shares done, erasing 2.81 points from the KLCI while Axiata was down six sen to RM5.54 and wiping out 0.9 of a point. Digi and Telekom were flat at RM6.79 and RM4.77.
US light crude oil fell 79 cents to US$48.20 and Brent was down 52 cents to US$49.58. However, Petronas Gas rose 68 sen to RM22.66 on fund buying, nuding the KLCI up 2.29 points. Petronas Dagangan rose eight sen to RM23.54 and Petronas Chemicals one sen to RM6.56 while SK Petro shed two sen to RM1.44.
As for banks, AmBank fell six sen to RM4.41, CIMB shed five sen to RM4.35, Maybank three sen to RM8.20, RHB Bank one sen to RM5.15 while Public Bank and Hong Leong Bank were flat at RM19.38 and RM13.16.
Consumers stocks were mostly higher except for Nestle, which fell 28 sen to RM76.70 with 1,300 shares done. Heineken rose 48 sen to RM16.68, F&N 42 sen to RM26, BAT 18 sen to RM54.18 and Carlsberg 14 sen to RM13.72.
Crude palm oil for third-month delivery fell RM42 to RM2,359 per tonne.
Sarawak Oil Palms
fell 25 sen to RM3.90 on concerns on EPS dilution as its proposed rights issue might cap near the near term upside for the share price.
Sime Darby was down five sen to RM7.54; IOI Corp lost one sen to RM4.37, KL Kepong was flat at RM23.22; PPB Group rose four sen to RM16.50. BLD Plantations and Kluang gained 10 sen each to RM8.60 and RM3.10.
Tenaga lost two sen to RM14.04, MISC four sen to RM7.37. Genting Bhd was down two sen to RM803 and Genting Malaysia flat at RM4.39.
Among the key regional markets,
Japan’s Nikkei 225 fell 0.76% to 15,655.34;
Hong Kong’s Hang Seng Index fell 0.82% to 20,885.84;
CSI 300 edged up 003% to 3,205.70;
Shanghai’s Composite Index rose 0.4% to 3,000.66;
Shenzhen Composite shed 0.10% to 1,999.68;
Hang Seng China Enterprise fell 1.03% to 8,711.34;
Taiwan’s Taiex was down 0.5% to 8,716.96;
South Korea’s Kospi fell 0.33% to 1,988.77 and
Singapore’s Straits Times Index shed 0.04% to 2,869.42.
Gold gave up most of its gains on Tuesday after soaring to a near two-year peak in the previous session, as the market pulled back with the yellow metal failing to break a key resistance level, Reuters said. Spot gold fell US$6.72 to US$1,344.07.
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