Profit taking on Petronas stocks weighs on KLCI, local funds continue selling

  • Markets
  • Friday, 12 May 2017

KUALA LUMPUR: Profit taking of Petronas-linked stocks weighed on the FBM KLCI on Friday as the 30-stock index ended flat as fund buying was seen in banks and Genting Bhd but the ringgit firmed against the US dollar.

At 5pm, the KLCI was up 0.48 points or 0.03% to 1,775.87. Turnover was relatively modest with 2.7 billion shares done valued at RM2.17bil. There were 424 gainers, 516 losers and 369 counters unchanged.

Stock market data showed local institutions were net sellers at RM126mil and retail investors at RM2.3mil but foreign funds were net buyers at RM128.3mil.

On the external front,  Hong Kong stocks hovered near 21-month highs on Friday, and posted their biggest weekly gain in two months, helped by continuous inflows from mainland China, Reuters reported. 

The US dollar was set for its best week of the year on bets the Federal Reserve will raise U.S. interest rates in June. 

The ringgit firmed up 0.06% against the US dollar to 4.3457 from 4.3485 while it advanced 0.54% against the pound sterling to 5.5807 from 5.6110 and edged up 0.15% versus the euro to 4.7199 from 4.7268. However, it dipped 0.04% against the Singapore dollar to 3.0867 from 3.0854.

Oil prices traded largely flat on Friday, supported by expectations of an extended Opec-led production cut and falling US crude inventories but capped by concerns over global oversupply. US light crude dipped five cents to US$47.78 and Brent slipped three cents to US$50.74.

Petronas Gas fell 52 sen to RM18.60 and erased 1.74 points from the KLCI, Petronas Dagangan lost 28 sen to RM24 while Petronas Chemicals lost nine sen to RM7.23. 

However, trading interest were seen in Hengyuan, formerly Shell Refining, and Petron Malaysia. Hengyuan climbed 17 sen to RM4.41 while Petron rose 14 sen to RM8.62.

Among the banks, Maybank rose seven sen to RM9.38 and nudged the KLCI up 1.22 points. CIMB and RHB Bank gained four sen each to RM5.95 and RM5.54 and Public Bank edged up two sen to RM19.98. However, Hong Leong Bank shed two sen to RM14, AmBank four sen lower at RM5.52 and HLFG lost 40 sen to RM117.34.

Genting Bhd climbed 16 sen to RM9.89 and added 1.02 points to the KLCI but Genting Malaysia lost 10 sen to RM5.80 while Tenaga shed two sen to RM13.90. 

Among the logistics company, Tasco rose 15 sen to RM2.50. 

Poultry company CAB Cakaran saw its shares and warrants fall after it  proposed a share split and bonus issue to enhance the marketability and trading liquidity of its shares. CAB-WA fell 20 sen to RM2.32 and the shares 16 sen lower at RM2.94.

Crude palm oil for third-month delivery fell RM33 to RM2,639 per tonne. Sime Darby was flat at RM9.33, KL Kepong and PPB Group six sen higher at RM24.92 and RM17.06, IOI Corp two sen higher at RM4.64.

Among the key regional markets,

Japan’s Nikkei 225 fell 0.39% to 19,883.90;

Hong Kong’s Hang Seng Index rose 0.12% to 25,156.34;

CSI 300 added 0.86% to 3,385.38;

Shanghai’s Composite Index gained 0.72% to 3,083.51;

Hang Seng China Enterprise closed up 0.24% to 10,282.65;

Taiwan’s Taiex slipped 0.15% to 9,986.82;

South Korea’s Kospi lost 0.45% to 2,286.02 and

Singapore’s Straits Times Index ended down 0.48% to 3,255.29.

Spot gold rose US$4.27 to US$1,229.31.

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