KUALA LUMPUR: Malaysia’s stock market and key Asian markets fell in early Friday trade, tracking the overnight decline on Wall Street, with Genting Bhd
leading the decliners in active trade while Petronas stocks fell in thin trade.
At 9.23am, the KLCI was down 1.62 points or 0.1% to 1,668.02. Turnover was 235.05 million shares valued at RM87.33mil. There were 115 gainers, 172 losers and 203 counters unchanged.
Asian stocks followed Wall Street lower in early trade on Friday, while oil prices held close to the highest level in almost a month on optimism over an OPEC plan to curb output, Reuters reported
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5%. Japan's Nikkei retreated 1.5% after sluggish consumption data.
US crude futures added 1.7% to US$47.83, after climbing to as high as US$48.32, the highest level in almost five weeks. They were little changed on Friday. Brent crude rose 1.1% to US$49.24 on Thursday, after earlier touching a three-week high of US$49.24, it reported.
Hong Leong Investment Bank (HLIB) Research said due to the pullback in the Dow Jones Industrial Average amid heightened concern over Deutsche Bank AG crisis and Bursa Malaysia’s extended long weekend holiday on Oct 3 for Awal Muharram, the local market sentiment is expected to remain muted.
“However, any sharp fall will be cushioned by potential 3Q16 window dressing activities and pre-Budget rally coupled with the readiness of Bank Negara Malaysia to support economic growth via easing.
“Immediate upside targets are 1,678-1,684 while supports are 1,657-1,660,” it said.
Petronas Gas fell 14 sen to RM21.74 and Petronas Chemicals lost seven sen to RM6.62 with 100 shares done. BAT fell 10 sen to RM50.48 also with 100 shares traded.
Genting Bhd fell six sen to RM7.98 with 64,100 shares done.
Hiap Teck Venture fell 4.5 sen to 31 sen and its warrants werew down two sen to 10.5 sen in active trade.
Hiap Teck posted its second consecutive quarter of earnings with a net profit of RM7.88mil in 4QFY16 versus net loss of RM68.66mil a year ago, on improved margins and the provision for impairment of investment in a jointly-controlled entity of RM55mil in 4QFY15.
Lion Corp lost two sen to 1.5 sen. The group will be de-listed from the Main Market on Oct 12, as Bursa Malaysia rejected its appeal for further extension to submit its regularisation plan.
Poultry company Lay Hong jumped 42 sen to RM10.66 while Apex Healthcare added 21 sen to RM4.47 while Teck Guan jumped 19 sen to RM1.97. Public Bank added six sen to RM19.94.
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