KUALA LUMPUR: Blue chips started the third quarter on Monday on a weak note, extending the losses from last week on profit taking by foreign funds, with plantations and MAHB among the early decliners.
At 9.42am, the KLCI was down 2.38 points or 0.13% to 1,761.29. Turnover was 315.98 million shares valued at RM143.39mil. There were 219 gainers, 221 losers and 253 counters unchanged.
Asian stocks held two-years highs on Monday, starting the new month on a solid footing after two quarters of gains while expectations of credit tightening by the world's central banks kept global bond markets under pressure, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1%, staying within a stone's throw of its two-year peak hit last week.
The news wire reported oil prices edged up on Monday, supported by the first fall in U.S. drilling activity in months, although rising output from OPEC despite a pledge to cut supplies capped gains.
Brent crude futures added six cents or 0.1% to $48.83 and US West Texas Intermediate (WTI) crude futures rose 15 cents, or 0.3%, to US$46.19 per barrel.
Hong Leong Investment Bank (HLIB) Research said shares on the local front could expect mild bargain hunting activities following the profit taking activities on the final week of the quarter.
“However, we opine that investors may still deploy the sell-into-strength strategy with the lacking of fresh catalysts to boost the trading activities on broad market environment,” it said.
KL Kepong fell 24 sen to RM24.64 and PPB Group 22 sen lower to RM16.94 with 100 shares done. Hap Seng lost 14 sen to RM9.09 while HLFG shed 10 sen to RM16.70 and MAHB six sen lower at RM8.50.
Prolexus
tumbled 14 sen to RM1.41 and the warrants 10.5 sen lower at 53 sen. Its Q3FY17 net profit fell 54% on-year due to weaker performance for its apparel business.
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