KLCI stays in the red, Tenaga, CIMB weigh

KUALA LUMPUR: Blue chips stayed in the red throughout Tuesday as investors decided to reduce their risk appetite, in line with the cautious key Asian markets, using the excuse about the uncertainty in the 90-day US-China trade conflict truce.

At 5pm, the FBM KLCI was down 4.73 points or 0.28% to 1,694.99. Turnover was 2.44 billion shares valued at RM2.08bil. There were 282 gainers, 525 losers and 361 counters unchanged.

Hong Kong stocks edged up, but excitement stemming from the ceasefire in the Sino-US trade war has faded, with investors shifting their attention to economic fundamentals, Reuters reported.

While the Hang Seng Index rose 0.29%, the Shanghai Composite rose 0.42% but Japan's Nikkei 225 lost 2.39%, Taiwan's Weighted Index 0.54% lower, South Korea's Kospi 0.82% down and Singapre's STI slumped 0.71%.

Despite the weaker equities market, the ringgit chalked up gains against several major currencies. It rose 0.45% to the greenback at 4.1465, rallied 0.61% to the pound sterling to 5.3034; was up 0.32% to the euro at 4.7217 and increased by 0.23% versus the Singapore dollar at 3.0425.

Tenaga fell 16 sen to RM14.14 and wiped out 1.62 points from the KLCI, Genting lost eight sen to RM6.51 but GentingM gained five sen to RM2.96. Sime Darby lost six sen to RM2.38 and erased 0.7 points.

CIMB fell nine sen to RM5.81, Maybank shed one sen to RM9.42, Public Bank was flat at RM24.88, AmBank and Hong Leong Bank were flatat RM4.24 and RM20.62.

Crude palm oil for third month delivery rose RM17 to RM2,017 per tonne.

Sime Plantations lost 11 sen to RM4.83 and wipe 1.33 points, KL Kepong declined six sen to RM24.44, PPB Group was flat at RM17 but IOI Corp climbed nine sen to RM4.39.

Telekom climbed 14 sen to RM2.56, Digi gained three sen to RM4.32, Axiata was flat at RM3.95 while Maxis shed two sen to RM5.50.

US light crude oil rose US$1.14 to US$54.09 and Brent advanced US$1.34 to US$63.03.

As for oil and gas stocks, Dialog lost four sen to RM3.19, Petronas Chemical two sen to RM9.15, Petronas Gas added four sen to RM19.30 while Petronas Dagangan jumped 34 sen to RM25.34.

BAT fell the most, down 52 sen to RM36.96, Ajinomoto lost 40 sen to RM19.12, Carlsberg and Nestle 20 sen each to RM19.20 and RM147.80.

SAM Engineering lost 20 sen to RM7.77, KESM 17 sen to RM8.46.

Bumi Armada's rebound was short-lived, falling 2.5 sen to 17 sen with 279 million shares done.

Top Glove lost 23 sen to RM5.90 on profit taking.

 MIDF Research said on Tuesday Top Glove, the world's larget glove maker, has a strong potential to be included in the upcoming November 2018 semi annual review of the FBM KLCI.


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