Tenaga weighs on KLCI as funds take profit

KUALA LUMPUR: Profit taking on Tenaga Nasional pushed the FBM KLCI into the red early Wednesday, reversing the previous day’s gains but the broader market was firmer in line with key Asian boourses.

At 9.31am, the KLCI was down 1.56 points or 0.09% to 1,782.69. Turnover was 336.65 million shares valued at RM174.83mil. There were 266 gainers, 149 losers and 235 counters unchanged.

Asian shares were higher on Wednesday, tracking the firmer Wall Street finish though reports that Washington plans to raise tariffs on US$200bil of Chinese goods have put the focus back on volatile Sino-US trade relations, Reuters reported.

On Tuesday, foreign funds drove the KLCI higher. Foreign funds turned net buyers at RM343.5mil while local institutions were net sellers at RM327.4mil and retail investors at RM16.1mil. 

Tenaga fell 44 sen to RM15.24 with 261,600 shares done. IOI Corp lost five sen to RM4.57. Elevator services company EITA lost six sen to RM1.21.

Perstima was the top gainer, up 30 sen to RM5.14, CMSB gained 17 sen to RM3.32 while Globetronics added 12 sen to RM2.62. Opcom rose six sen to RM1.

Among the KLCI stocks, Petronas Gas added 24 sen to RFM18.98 and Hong Leong Bank 12 sen to RM19.18.