Blue chips tumble on Genting, Tenaga losses

KUALA LUMPUR: Blue chips ended Tuesday deeper into the red on fund selling of Genting Malaysia (GenM), Genting Bhd and Tenaga Nasional while the US-China trade war and US Federal Reserve's interest rate outlook added more gloom to the stock market.

At 5pm, the FBM KLCI had fallen 17.02 points or 1% to 1,684.97. Turnover was 2.18 billion shares valued at RM2.61bil. Decliners beat advancers nearly seven to two or 686 losers to 199 gainers while 322 counters were unchanged.

At Bursa, the shocking announcement by GentingM about its US$1bil suit against Walt Disney Co and Twenty-First Century Fox Inc. over the scrapped Fox-branded theme park hammered both counters. GentingM fell 60 sen to RM3 with 276.3 million shares done. Genting lost 52 sen to RM6.38 with 21.0 million shares done.

Power giant Tenaga fell 14 sen to RM14.72 and erased 1.42 points ahead of the release of its financial results. Sime Darby was three sen lower at RM2.43.

Oil prices fell, depressed by record Saudi Arabian production even as the kingdom tried to persuade other exporters to agree output cuts ahead of an OPEC meeting next week, Reuters reported.

Brent crude oil was down 70 cents a barrel at US$59.78 by 0838 GMT, still above a 13-month low of US$58.41 reached on Friday. US light crude was 75 cents lower at US$50.88.

Petronas Dagangan fell 58 sen to RM27.10 and wiped ut 1.03 points and Dialog shed four sen to RM3.25 but Petronas Gas added six sen to RM18.80 and Petronas Chemical edged up one sen to RM9.27. Yinson added 11 sen to RM4.45.

Sapura Energy was down 1.5 sen to 34 sen in active trade while Hibiscus gave up 3.5 sen to 98.5 sen.

Nestle was the top loser, down RM3.10 to RM144.50 and wiped out 1.3 points, BAT lost RM1.24 to RM36.60 but Dutch Lady rose 30 sen to RM63.50.

As  for chip-related stocks, KESM fell 38 sen to RM8.50.

Among the banks, Public Bank lost 14 sen to RM24.80, Maybank five sen to RM9.40 but Hong Leong Bank and RHB Bank rose six sen each to RM20.66 and RM5.25 while CIMB gained two sen to RM5.70.

As for telcos, Axiata rose five sen to RM3.50 and pushed the KLCI up 0.81 points, Maxis lost three sen to RM3.25, Digi four sen to RM4.16 and Telekom seven sen to RM2.25.

Among the plantations, PPB Group rose four sen to RM17, IOI Corp three sen to RM4.20 but KL Kepong lost 24 sen to RM24.44 and Sime Plantation four sen to RM5.02.

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