KUALA LUMPUR: Selling of Digi, Tenaga and Sime Darby pushed the FBM KLCI to end Wednesday at the day's low, extending the decline from the previous day as investors stayed cautious ahead of the Budget 2019 proposals on Nov 2.
At 5pm, the KLCI was down 7.56 points or 0.45% to 1,690.04. Turnover was 2.35 billion shares valued at RM1.92bil. Decliners beat advancers 620 to 245 while 348 counters were unchanged.
Reuters reported world stocks marked a sixth straight day losses as fears about global economic growth kept sentiment fragile, with Wall Street tipped for a weak open and oil prices languishing near two-month lows.
Malaysia's economic growth was also expected to ease from December 2018 to February 2019, according to the Department of Statistics Malaysia.
At Bursa, consumer stocks were mixed with F&N sliding 94 sen to RM33.70 and Ajinomoto lost 68 sen to RM19.30 while Nestle was down 30 sen to RM144.20.
However, Carlsberg climbed 58 sen to RM18.08, Heineken gained 40 sen to RM18.20 and Dutch Lady rose 34 sen to RM63.70.
As for telcos, Digi fell 15 sen to RM4.07 – the lowest since July – and erased 2.10 points from the KLCI. Maxis and Telekom were six sen lower to RM5.23 and RM2.22 but Axiata gained eight sen to RM3.33 and added 1.31 points to the index.
Power giant Tenaga continued to lose ground, falling 18 sen to RM13.90 and erasing 1.84 points. This was the lowest since June 29.
Other big cap stock like Sime Darby lost 10 sen to RM2.20 and erased 1.23 points. IHH was down seven sen to RM4.88.
Press Metal lost 10 sen to RM4.70 after the downgrade by a ratings agency from positive to stable.
As for banks, CIMB fell five sen to RM5.70 while Maybank, RHB Bank and Public Bank lost two sen each to RM9.38, RM5.20 and RM24.88 respectively but Hong Leong Bank edged up two sen to RM20.62.
Crude palm oil for third month delivery fell RM22 to RM2,196 per tonne. PPB Group eased tow sen to RM16.84, while KL Kepong and IOI Corp were unchanged at RM24.96 and RM4.53. Sime Plantation rose five sen to RM5.25.
US light crude oil fell 16 cents to US$66.27 and Brent was down 86 cents to US$75.58.
Petronas Gas lost two sen to RM17.98 and Petronas Dagangan four sen to RM26.06 while Petronas Chemical was unchanged at RM9.34.
Serba Dinamik lost 18 sen to RM3.90, Hibiscus 11 sen to RM1.12 and Dialog gave up three sen to RM3.36.
Tech-related stocks also fell, with burn-in chip tester KESM down 54 sen to RM10.98, MI 34 sen to RM2.34 and Vitox 22 sen to RM7.68 on concerns about slower growth.
Prestariang rebounded 6.5 sen to 52 sen with 145 million shares done. CIMB Equities Research’s target price for Prestariang has been reduced from RM2.05 to RM1.89 as it revised its sum-of-parts valuation basis on its National Immigration Control System (SKIN) project.
The ringgit weakened against the rising US dollar but advanced against the other key currencies.
It fell 0.05% to the US dollar to 4.1663 but gained 0.43% to the pound sterling at 5.3863 and edged up 0.41% to the euro at 4.7548 and eked out a 0.04% increase against the Singapore unit at 3.0194.