Genting Malaysia, Digi, Axiata weigh on KLCI

KUALA LUMPUR: The benchmark FBM KLCI ended in the negative territory on Thursday, dragged by losses — including at Genting Malaysia, Digi.Com — as well as mild profit taking activity.

At 12.30, the 30-stock index was down 3.35 points, or 0.19%  lower to 1,758.49. The market traded within a range of 3.13 points between an intra-day high of  1,760.74 and a low of 1,757.61 during the session. The index opened 1.28 points lower at 1,760.56 this morning. 

There were 387 stocks advancing against 308 stocks declining while 373 counters unchanged. Volume stood at 1.69 billion units worth RM529.58mil.

Hong Leong Investment Bank Research said buying interest may pick up slower-than-expected amid absence of fresh catalyst.

“On the local front, we think market may stay on a consolidation phase as foreign participation ended with another day of outflow yesterday. Also, with the absence of fresh catalyst, the FBM KLCI could be capped near the 1,770-1,775 levels.

“Nevertheless, traders may focus on selected technology-related lower liners as buying support was noticed among stocks like Vis and Aemulus ,” it said. 

Overnight, on Wall Street, the S&P 500 rose 0.1% to 2,537.74, its fifth successive record close, after earlier touching an all-time intraday peak of 2,540.53. The Dow Jones Industrial Average eked out a small gain of 19.97 points, or 0.1%, to 22,661.57.

The top loser on Bursa Malaysia on Thursday was KLCC Property that fell 16 sen to RM7.85. Genting Malaysia lost 10 sen to RM5.40 while Hartalega fell 10 sen to RM6.88.

Nestle was the top gainer, adding 58 sen to RM85.50. KESM rose 36 sen to RM16.36 and Petron Malaysia was 28 sen higher at RM11.10.

Among heavyweights, Axiata closed three sen lower to RM5.27, Genting Bhd declined three sen to RM9.56, Tenaga Nasional Bhd fell two sen to RM14.26 and Digi shed six sen to RM4.89.

Meanwhile, the ringgit open slightly lower against the US dollar today on lack of demand for the local note as the stronger-than-expected US services activities helped to support the greenback. The ringgit was quoted at 4.4310 to a dollar at midday. 

Oil prices stabilised on Thursday on expectations that Saudi Arabia and Russia would extend production cuts. 

Brent crude was last traded at US$55.82 per barrel, up two cents while US crude fell six cents to US$49.92 per barrel.

Regional stocks finished largely higher at midday.  Japan’s Nikkei Stock Average fell 0.02%, Shangjai Composite Index added 0.28%, South Korea’s Kospi gained 0.9% and the Hang Seng Index in Hong Kong rose 0.73%.

Markets , KLCI