KUALA LUMPUR: Blue chips managed to snap back from the early profit taking on Tuesday on fund buying of Nestle, Public Bank and Sime Plantation.
At 9.20am, the FBM KLCI was down 1.18 points or 0.06% to 1,860.04. Turnover was 270.49 million shares valued at RM97.90mil.
However, the broader market was more cautious with decliners leading advancers. There were 139 gainers, 218 losers and 227 counters unchanged.
On the ringgit, the market remains a range play as investors remain very cautious as the emerging markets forex Asia point of view recovers.
OANDA head of trading for AsiaPacific Stephen Innes said stronger jobs headline with subdued wage inflation should continue to prove supportive for the ringgit this week. However, the potential escalation in trade tension continues to loiter.
“Given the constant barrage of US increasing oil production headlines weighing on oil prices, the ringgit is getting little support energy prices, but at these current levels, minor sell-offs are not denting overall sentiment but a more profound move below West Texas Intermediate WTI US%60 could,” he said.
Nestle continue to extend its winning streak, heading to fresh record, up RM5.60 to RM156.10, Dutch Lady
added RM1 to RM68.70 and Ajinomoto 32 sen higher at RM22.98. Riding on the coattails was Kawan Food, up 10 sen to RM2.70.
Public Bank added 18 sen to RM22.84, Berjaya Auto 12 sen to RM2.14, Magni-Tech five sen to RM4.37 and UEM Edgenta four sen to RM2.80. Hong Leong Bank fell 14 sen to RM18.54.
Refiners slipped, with Petron down 48 sen to RM10 and Hengyuan 38 sen to RM8.87 whilePetronas Dagangan lost 20 sen to RM24.66.
Hartalega lost 12 sen to RM11.68, Vitrox and MPI 10 sen lower at RM6.10 and RM8.90.
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