KUALA LUMPUR: Blue chips ended Friday on a week note, with the FBM KLCI down more than 10 points, while trading volume shrunk, mirroring the key cautious key Asian markets while crude oil prices tumbled more than US$1.
At 5pm, the KLCI was down 10.6 points or 0.6% to 1,759.93, dragged down by losses in IOI Corp and Axiata.
Turnover declined to 1.31 billion shares – the lowest for the week -- valued at RM1.54bil. On the broader market, decliners beat advancers nearly three to one or 592 losers to 195 gainers and 438 counters unchanged.
World stocks are poised to end the week at six-week lows in the face of oil weakness, a spike in bond yields and anticipation of tighter monetary policy, particularly in the United States, Reuters reported.
The ringgit rose 0.03% to the US dollar at 4.2985 and gained 0.08% versus the pound sterling at 5.5552 but shed 0.01% to the Singapore dollar at 3.1085 and lost 0.64% to 4.9094 to the euro.
Oil prices fell more than 2% on Friday after data showed US production rose last week just as OPEC exports hit a 2017 high, casting doubt on efforts by producers to curb oversupply, the wire report added.
Petronas Chemicals fell six sen to RM7.09 and erased 0.82 of a point from the KLCI, Petronas gas lost 12 sen to RM18.48 and Petronas Dagangan 14 sen lower at RM23.92.
Consumer stocks were among the top losers, with BAT down 62 sen to RM42.26, Ajinomoto fell 42 sen to RM23.64, Heineken 30 sen lower at RM18.20 while Nestle lost 28 sen to RM83.80. However, F&N added 10 sen to RM25.40.
Crude palm oil for third month delivery shed RM1 to RM2,560 per tonne. United Plantations was the top loser, down 28 sen to RM27.52; IOI Corp fell 14 sen to RM4.47 and erased 1.49 points from the KLCI, PPB Group and KL Kepong lost 12 sen each to RM16.76 and RM24.68 while Sime Darby edged up one sen to RM9.54.
Bursa Malaysia fell 30 sen to RM10.50 as trading volume and value declined on the stock exchanged, mirroring the key cautious investors.
As for telcos, Axiata lost nine sen to RM4.70 and wiped out 1.37 points, Telekom fell six sen to RM6.56, Maxis and Digi shed one sen each to RM5.49 and RM5.
Among the banks, AmBank rose two sen to RM5.01, Hong Leong Bank and RHB Bank were flat at RM16 and RM5.07, Public Bank lost four sen to RM20.28, CIMB five sen to RM6.55 and Maybank shed two sen to RM9.63. HLFG slid 54 sen to RM16.44.
MISC fell 11 sen to RM7.32, Genting Malaysia lost 10 sen to RM5.66, Genting Bhd
12 sen lower at RM9.19 and Tenaga two sen down at RM14.12.
Other stocks which came under selling pressure were tech-related Vitrox, down 28 sen to RM7.70 while UMW skidded 17 sen to RM5.66. However, DnexN gained one sen to 59.5 sen.
CCB was the top gainer, up 19 sen to RM2.44, Alcom and Aeon Credit 12 sen to RM1.81 and RM19.42.
Among the key regional markets,
Japan’s Nikkei 225 fell 0.32% to 19,929.09;
Hong Kong’s Hang Seng Index lost 0.49% to 25,340.85;
CSI 300 shed 0.11% to 3,655.93;
Shanghai’s Composite Index rose 0.17% to 3,217.96;
Hang Seng China Enterprise lost 0.91% to 10,251.83;
Taiwan’s Taiex fell 0.68% to 10,297.25;
South Korea’s Kospi was down 0.33% to 2,379.87 and
Singapore’s Straits Times Index rose 0.08% to 3,229.01.
Spot gold fell US$3.69 to US$1,221.53.
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