KUALA LUMPUR: Blue chips extended their losing streak into the fourth week on Monday, pressured by foreign fund selling since the Pakatan Harapan coalition won the 14th General Election on May 9, with power giant Tenaga Nasional weighing on the FBM KLCI.
At 9.40am, the KLCI was down 8.81 points or 0.5% to 1,747.57. Turnover was 449.23 million shares valued at RM411.34mil. There were 206 gainers, 287 losers and 231 counters unchanged.
Asian shares edged up on Monday as strong US jobs data offset worries that tariff wars between the US and the rest of the world could drag global economic growth lower, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3% while Japan's Nikkei rose 1%.
At Bursa Malaysia, Tenaga fell 22 sen to RM14.28, PPB Group 20 sen to RM19.62 and KLCC 16 sen lower at RM7.69.
MyEG fell 18 sen to 68 sen with 106.72 million shares done on concerns about the termination of the management of illegal foreign workers for the rehiring programme.
However, the e-government services provider stated there was no ad hoc termination as it was scheduled to end on June 30.
As for consumer stocks, Dutch Lady
fell 64 sen to RM67, Nestle 30 sen lower at RM146.60 but BAT rose 16 sen to RM32.74 and Carlsberg 12 sen higher to RM20.42.
KESM fell 18 sen to RM16, KLCC 16 sen lower at RM7.69 and Ta Ann 15 sen down to RM2.83.
Litrak was the top gainer, up 30 sen to RM4.56, Allianz 26 sen higher at RM13,76, RHB Bank 12 sen to RM5.39 while Magni-Tech gained 10 sen to RM4.72.
MIDF Research said Malaysian equities experienced the fifth week of foreign selling in the week ended June 1, the longest selling binge recorded so far this year.
“Based on preliminary data from Bursa which excluded off market deals, the net amount sold by foreign investors last week amounted to -RM1.27bil net, compared to the -RM892.4mil net disposed in the week before,” it said.
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