Telco stocks push KLCI lower early Wednesday

  • Markets
  • Wednesday, 11 Oct 2017

KUALA LUMPUR: Mild selling of telco stocks Maxis, Digi and Axiata pushed the FBM KLCI slightly into the red on Wednesday as investors ignored the positive overseas news and advance in crude oil prices.

At 9.42am, the KLCI was down 0.81 of a point or 0.05% to 1,760.32. Turnover was 566.59 million shares valued at RM229.04mil. There were 248 gainers, 177 losers and 320 counters unchanged.

Asian shares rose on Wednesday, tracking Wall Street's rally to all-time highs. MSCI's broadest index of Asia-Pacific shares outside Japan nudged 0.24% higher to test a recent decade peak of 545.56, Reuters reported.

Australian stocks jumped 0.6% to one-month highs and New Zealand's index climbed to a record. South Korea's KOSPI added 0.3% to a 2-1/2 month peak.

Oil prices edged up on Wednesday, extending 2% gains recorded the previous day, on signs that markets are gradually tightening after years of oversupply, although the outlook for 2018 remained less certain.

US West Texas Intermediate (WTI) crude futures were trading at US$51.07 per barrel at 0127 GMT, up 15 cents, or 0.3%). Brent crude futures, the international benchmark for oil prices, were at US$56.71, up 10 cents, or 0.2%, Reuters reported.

Hong Leong Investment Bank Research expected a positive spillover buying interest on Bursa following the fresh record position of Wall Street. 

“Also, traders may look out for opportunities within the oil and gas sector after a sharp rise in crude oil prices and stocks within the lower liners with solid fundamental and solid uptrend move,” it said.

Refiners Petron added 10 sen to RM11.52  and Hengyuan nine sen to RM8.45. Lotte Chemical titan added eight  sen to RM5.42. Serba Dinamik lost five sen to RM2.45.

As  for telcos, Maxis, Digi and Axiata fell five sen each to RM5.85, RM4.93 and RM5.27 respectively.

Pestech call warrants, Pestech-WB fell the most, down 11 sen to four sen while Lii Hen fell six sen to RM3.99 after its recent rally.

Sunway-WB jumped 10 sen to 70.5 sen with 20.10 million units done after Bursa securities lifted the cap on the upper limit. It had jumped 30 sen each last Friday and Monday, promptoong the regulator to cap it.

MRCB rights shares, which will cease trading on Thursday, rose one sen to 13.5 sen.

MAHB regained its footing to climb 13 sen to RM8.40.
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