KLCI slips further, tech stocks weigh on Asia

KUALA LUMPUR: The local bourse dipped into the red at midday amid mixed regional markets as tech counters took fall on the US Nasdaq, leading to softer performances in their Asian counterparts.

Chinese stocks, however, rose on Tuesday morning after a private survey showed growth in China's services sector activity picked up to a three-month high in November, Reuter reported.

At 12.30pm, the FBM KLCI was 0.28 points lower at 1,712.85 points. Turnover was 911.82 million shares with a value of RM921.88mil. Decliners outpaced advancers at a 3:1 ratio at 465 to 156, and 486 counters were unchanged.

Genting Malaysia was a leading gainer on the index, rising 13 sen to RM5.13. Other advancers included Maxis, gaining five sen to RM5.88, and IHH Healthcare, adding three sen to RM5.64.

Petronas Gas put on 26 sen to RM16.20, while Petronas Dagangan rose 18 sen to RM24.58 and Petronas Chemicals dropped 10 sen to RM7.42.

Meanwhile Hong Leong Financial Group rose 18 sen to RM16.58 and Hong Leong Bank added two sen to RM15.32.

Among decliners, Genting dropped four sen to RM8.91, MISC slipped two sen to RM7.07 and Tenaga Nasional lost two sen to RM15.56. 

Westports Holdings lost 12 sen to RM3.46 while YTL COrp dropped three sen to RM1.13.

Sime Darby Plantations continued to lose ground, slipping 14 sen to RM4.71 for the third consecutive day since its debut. Sime Darby Property followed suit, losing eight sen to RM1.04.

On the wider market, Gas Malaysia was another energy counter to put on gains on Tuesday, rising seven sen to RM2.78.  

SWS Capital gained five sen to RM1.27 while Ireka added five sen to 65 sen.

Meanwhile, Allianz shaved off 28 sen to RM13.02, KOssan lost 20 sen to RM7.55 and Magni-Tech Industries declined 19 sen to RM5.99

In commodities, oil prices rose slightly on expectations of lower US crude stockpiles and tightening supply following last week's deal between Opec and other crude producers. 

US light crude rose 11 cents to US$57.58 a barrel and Brent gained seven cents to US$62.52 a barrel.

In currencies, the ringgit rose against major currencies. It traded 0.25% higher against the greenback at 4.0530, 0.02% against the pound sterling at 5.4592 and 0.06% against the Singapore dollar at 3.0111.