KLCI dips early Monday as Genting weighs, oil up

KUALA LUMPUR: Blue chips slipped early Monday on selling of Genting Bhd but the broader market was firmer while crude oil prices inched up.

At 9.26am, the FBM KLCI was down 0.18 of a point or 0.01% to 1,763.82. Turnover was 478.15 million shares valued  at RM136.88mil. There were 216 gainers, 174 losers and 262 counters unchanged.

The dollar held steady against the yen on Monday, having retreated from 12-week highs set last week, due to renewed focus on geopolitical risks amid concerns that North Korea may be preparing another missile test.

Oil prices edged up on Monday, halting a 2% slide from Friday, on expectations that Saudi Arabia would continue to restrain its output in order to support prices, and as the amount of rigs drilling for new oil in the United States dipped.

US West Texas Intermediate (WTI) front-month crude futures were trading at US$49.44 per barrel at 0015 GMT, up 15 cents, or 0.3%, from their last close.

Brent crude futures, the international benchmark for oil prices, were up 8 cents, or 0.14%, at US$55.70 a barrel.

At Bursa, Genting Bhd fell seven sen to RM9.61 while Hong Leong Bank was down 10 sen to RM15.78 with 100 shares done.  

Selangor Properties fell the most, down 14 sen to RM4.67 with 500 shares done, Hartalega 10 sen lower at RM6.87 while Perak Corp and Bison lost seven sen each to RM1.51 and RM2.28 and VS Industries lost six sen to RM2.94.

Carlsberg lost 12 sen to RM14.80 and Ajinomoto lost 10 sen to RM19.90.

Sunway-WB was the top gainer, up 30 sen to 60.5 sen. Genting Plantations rose 14 sen to RM10.58, KL Kepommg 14 sen to RM24.94 and Aeon Credit added 12 sen to RM13.06. 

Favelle Favco gained seven sen to RM2.77 and UOA Development six sen higher at RM2.69.