KUALA LUMPUR: The FBM KLCI closed at a fresh six-month low on Friday on late foreign selling of Genting Bhd
and Maybank despite a slightly firmer broader market.
At 5pm, the KLCI was down 3.34 points or 0.19% to 1,740.65 – the lowest since late April. Turnover was 2.62 billion shares valued at RM2.24bil. There were 425 gainers, 390 losers and 452 counters unchanged.
Shanghai stocks eked out modest gains on Friday but ended the week lower, amid concerns China's economy is losing momentum after official data showed growth slowing in the third quarter and property sales softening, Reuters reported.
Hong Kong shares rebounded sharply on Friday, as investors scrambled for bargains among stocks bruised from the previous session’s sell-off, which was triggered by the Chinese central bank chief’s reference to a ”Minsky moment”.
The Hang Seng Index rose 1.2 percent, to 28,487.24 points, recovering much of Thursday’s 1.9% decline, and ending the week roughly flat.
The ringgit fell 0.04% to the US dollar and the euro to 4.2250 and 4.9881 but it rose 0.14% against the pound sterling to 5.5489 and added 0.12% to the Singapore dollar at 3.1077.
Genting Bhd fell 20 sen to RM9.40 and erased 1.31 points from the KLCI, Genting Malaysi fell one sen to RM5.23, Tenaga was flat at RM14.32 but MISC added two sen to RM7.17.
Among the banks, Maybank fell six sen to RM9.29 and wiped out 1.08 points from the KLCI, AmBank lost 11 sen to RM4.37, Public Bank and Hong Leong Bank shed two sen each to RM20.46 and RM16 while RHB Bank shed one sen to RM4.98 but CIMB edged up one sen to RM6.19.
As for telcos, Maxis fell three sen to RM5.71, Axiata shed two sen to RM5.16 but Telekom gained three sen to RM6.12 and Digi was up five sen to RM4.82.
Crude palm oil for third month delivery rose RM4 to RM2,727 per tonne. KL Kepong added eight sen to RM24.46, Sime Darby edged up two sen to RM9.06 but PPB Group lost 18 sen to RM16.54 and IOI Corp three sen down at RM4.46. Genting Plantations climbed 32 sen to RM10.68.
Notion VTec fell 26 sen to 70 sen after news about a fire at its main production plant in Klang. It hit limit down earlier to 66 sen before trading was suspended at 3.42pm.
Comintel Corp shares jumped to a high of 98.5 sen on news that it was distributing 45 sen per share after the sale of 100% equity interest in BCM Electronics Corp Sdn Bhd to Aurelius Holdings Sdn Bhd for RM123.8mil cash.
Crude light crude oil fell 59 cents to US$50.70 and Brent was down 52 cents to US$56.71. Petronas Chemicals was flat at RM7.54, Petronas Dagangan shed two sen to RM24.18 while Petronas Gas lost 10 sen to RM17.88.
As for consumer stocks, Dutch Lady lost RM3.48 to RM57, Nestle 28 sen lower at RM85.70 but Heineken rose 32 sen to RM19.
Top Glove continued its rally, up 19 sen to RM6.59 after its strong financial results.
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