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: Maybank, Tenaga and IHH underpinned the mild recovery of the FBM KLCI on Wednesday amid a weaker broader markets as selected oil and gas stocks fell following the slide in crude oil prices.
At 5pm, the KLCI was up 0.84 of a point or 0.05% to 1,688.41. Turnover was 2.21 billion shares valued at RM1.92bil. There were 314 gainers, 564 losers and 295 counters unchanged.
On the external front, Hong Kong equities inched lower on Wednesday as data out of China painted a lacklustre picture of its economy, while global oil prices dropped, dragging down energy shares, Reuters reported. The Hang Seng index was down 0.5% at 25,792.87, while the Hang Seng China Enterprises index fell 0.7% to 10,478.71.
Japan's Nikkei 225 rose 0.16%, Taiwan added 0.16%, South Korea's Kospi shed 0.15% and Singapore's STI 0.34% lower.
Back home, Maybank rose 10 sen to RM9.29 and pushed the KLCI up nearly two points, RHB Bank edged up one sen RM5.20, CIMB and Hong Leong Bank were unchanged at RM5.50 and RM20.50 while Public Bank lost 12 sen to RM24.52.
A slump in oil prices weighed on Petronas Chemical, Dialog and Petronas Gas.
Global oil supply will outpace demand throughout 2019, as a relentless rise in output swamps growth in consumption that is at risk from a slowing economy, Reuters reported the International Energy Agency as saying in a statement.
However, plans by Opec-led Saudi Arabia to cut oil supply up to 1.4 million per day provided some support in the late evening. US light crude oil rose 48 cents to US$56.17 and Brent gained 85 cents to US$66.32.
Petronas Chemical fell 14 sen – the most in recent days – to RM9.40 and wiped out two points, Dialog fell 13 sen to RM3.14 and Petronas Gas eight sen to RM18.66. Petronas Dagangan gained 20 sen to RM26.80.
Tenaga rose 12 sen to RM14.90 and IHH Healthcare seven sen to RM4.90 while Genting Malaysia added six sen to RM3.62 and Genting Bhd
one sen to RMRM6.73.
Despite weak crude palm oil prices, PPB Group added 10 sen to RM17, Sime Plantation rose five sen to RM5.25, IOI Corp three sen to RM4.38 and KL Kepong two sen to RM24.92.
Crude palm oil for third month delivery fell RM37 to RM1,970 – the lowest since September 2015, tracking the weaker soyabean oil and Brent crude oil.
The ringgit weakened against all the major currencies. It weakened 0.08% against the US dollar to 4.1958; lost 0.52% to the pound sterling to 5.4411 and was down 0.47% versus the euro at 4.7337. It lost 0.18% to the Singapore dollar at 3.0373.
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