KUALA LUMPUR: Blue chips closed near the day's low on Tuesday on continued foreign fund selling on key stocks including Petronas Chemicals, Telekom Malaysia (TM) and Tenaga Nasional.
At 5pm, the FBM KLCI was down 8.55 points or 0.46% to 1,845.03. Turnover declined to 2.36 billion shares valued at RM2.74bil. Decliners beat advancers nearly two to one or 624 losers to 356 gainers and 354 counters unchanged.
The ringgit firmed up against the US dollar but slipped against the other key currencies. It rose 0.3% to the greenback to 3.9675. However, it fell 0.14% against the pound sterling to 5.3414 and lost 0.26% against the euro to 4.6840 and lost 0.21% to the Singapore dollar at 2.9646.
Foreign funds have been putting pressure on Malaysian equities since the stock market reopened on May 14 after Pakatan Harapan's stunning victory in the 14th General Election. Foreigners have been net sellers, exceeding RM2bil up to Monday.
Among the concerns were the ability of the Pakatan Harapan government to reduce the country's fiscal deficit through the removal of the Goods and Services Tax (GST).
TM fell 50 sen to RM4.20, the lowest since late 2013, and wiped out 3.36 points after its disappointing results which were released at midday. Axiata and Digi lost six sen to RM5.07 and RM4.67 while Maxis shed one sen to RM5.79.
US light crude oil and Brent rose 27 cents each to US$72.51 and US$79.49. Reuters reported the advance was supported by concern that falling Venezuelan crude output and a potential drop in Iranian exports could further tighten global supply.
Petronas Chemicals fell 27 sen to RM8.43 and erased 3.86 points from the KLCI. Petronas Dagangan added 20 sen to RM26 and Petrona Gas was flat at RM17.98.
Refiner Hengyuan lost RM1.15 to RM7.14 and it was the top loser of the day after its set of weaker earnings in the first quarter ended March 31, 2018. Petron lost 42 sen to RM8.67.
Power giant Tenaga fell 32 sen to RM15.34 and erased 32 sen from the KLCI. Genting Malaysia shed three sen to RM5.10 and Genting Bhd
was unchanged at RM8.64.
Crude palm oil for third month delivery rose RM32 to RM2,478 per tonne. KL Kepong rose two se to RM25.04, PBB Group lost six sen to RM19.94 and IOI Corp three sen lower at RM4.76.
Sime Plantation shed two sen to RM5.54, Sime Darby flat at RM2.79 while Sime Property gained three sen to RM1.49.
Among the banks, Public Bank rose 20 sen to RM25.20 and pushed the KLCI up 1.39 points. CIMB gained five sen to RM6.65, AmBank was up three sen to RM3.59, Hong Leong Bank flat at RM18.80 but RHB Bank shed three sen to RM5.41.
IHH Healthcare rose 16 sen to RM6.33 and added 2.36 point to the KLCI.
Kossan lost 20 sen to RM7.05 in line with the cautious market.
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