GentingM, Genting Bhd drag KLCI into the red

Genting slumped 15 sen to RM6.80 and erased 1.01 points while GentingM was down three sen to RM3.25 following the recent corporate news which were viewed as negative by investors.

KUALA LUMPUR: Genting Malaysia, Genting Bhd and Malaysia Airports Holdings Bhd (MAHB) came under selling pressure on Monday, but closed off the day's low, in a knee-jerk reaction to the 
Budget 2019 proposals.

At 5pm, the KLCI was down 5.07 points or 0.3% to 1,708.80. Turnover was 2.23 billion shares valued at RM3.28bil. There were 334 gainers, 537 losers and 315 counters unchanged.

The fall in the KLCI was also aggravated by the cautious key Asian markets. Hong Kong's Hang Seng index was down 2.1% as investors shunned riskier assets, with hopes fading for an early resoluton of the U.S.-China trade war, and uncertainty cast by U.S. mid-term elections, Reuters reported.

Genting Malaysia hit limit down and plunged to a low of RM3.18. It ended the day 93 sen lower at RM3.61 and erased 8.74 points from the KLCI.

Genting lost 46 sen to RM6.74, but off the intra-day low of RM6.35. Its losses wiped out 2.82 points from the KLCI.

Malaysia Airports Holdings Bhd (MAHB) skidded on the proposed June 1, 2019 levy for passengers. It closed the day 64 sen lower at RM7.61, off the day's low of RM7.26.

As for banks, Hong Leong Bank lost 10 sen to RM20.48, Public Bank was down four sen to RM24.58, Maybank fell two sen to RM9.38, CIMB was unchanged at RM5.68 but RHB Bank gained six sen to RM5.31 

US light crude oil fell 25 cents to US$62.89 and Brent 19 cents lower at US$72.46. 

Fund support saw Petronas Dagangan jumping RM1.26 to RM27.26, Petronas Chemical 22 sen to RM9.70 and Petronas Gas 16 sen to RM18.60, 

Consumer stocks were mostly higher led by BAT, up RM1.20 to RM35.20, Carlsberg 86 sen to RM19.26 and Heineken 72 sen to RM19.82 while Dutch Lady was up 30 sen to RM63.80.

However, Ajinomoto lost 74 sen to RM18.50, F&N fell 30 sen to RM33.70 and Nestle 20 sen to RM143.40.

Among the semicon stocks, Vitrox rose 32 sen to RM7.95 but KESM lost RM1.02 to RM11.32 and MPI 40 sen lower at RM10.60.

Crude palm oil for third month delivery fell RM29 to RM2,124. Sime Plantation shed one sen to RM5.28 but IOI Corp gained three sen to RM4.57, KL Kepong added six sen to RM24.90 and PPB Group 30 sen higher at RM16.90.

As for telcos, Maxis advanced eight sen to RM5.39, Axiata added five sen to RM3.48, Telekom three sen to RM2.41 and Digi one sen to RM4.28.

MRCB rose two sen to 78 sen after the company and its partner George Kent Sdn Bhd has received the letter of appointment for the construction of the Light Rail Transit Line 3 from Bandar Utama to Johan Setia following the revision of its price tag.

The contract sum is fixed at RM11.86bil and includes a contingency/provisional sum of RM400mil, which, if not utilised, will reduce the contract sum.