Glove makers, Tenaga send KLCI into the red


KUALA LUMPUR: Glove makers and Tenaga Nasional were the main drags on the FBM KLCI on Tuesday as main key Asian markets faltered after a strong start.

At 5pm, the KLCI was down 6.41 points or 0.38% to 1,672.76. Turnover was 2.31 billion shares valued at RM2.03bil. There were 366 gainers, 404 losers and 378 counters unchanged.

The stock rally spurred by signs the Federal Reserve is becoming more sensitive to market volatility faded with equities in Asia putting in a mixed performance as a rebounding dollar put pressure on emerging nations, Bloomberg reported.

A recovery in the ringgit makes the export-driven glove makers' products more expensive. The ringgit eased 0.1% to the US dollar after several days of gains.

Hartalega fell 60 sen to RM5.15 and wiped out 3.52 points from the KLCI, Top Glove lost 27 sen to RM5.03 and erased 1.22 points while Kossan , which is not part of the 30-stock index, lost 37 sen to RM3.88.

Power giant Tenaga lost 30 sen to RM13.63 on profit taking and wiped out 3.01 points, MISC lost 28 sen to RM6.41 and erased 2.20 points from the KLCI. Sime Darby gained thrtee sen to RM2.39, Genting Malaysiua eight sen to RM3.19 and Genting Bhd up 25 sen to RM6.31.

Nestle was the top loser of the day, down RM1.60 to RM143.20, Dutch Lady fell 50 sen to RM60.30 while Ajinomoto and BAT lost 20 sen each to RM18.40 and RM35.80.

Sime Plantation fell eight sen to RM4.92, PPB Group was unchanged at RM17.18 while KL Kepong advanced four sen to RM24.10 and IOI Corp six sen to RM4.41.

Among the banks, AmBank lost 16 sen to RM4.42, RHB Bank seven sen to RM5.8, Public Bank four sen lower at RM24.66 while CIMB and Maybank inched up one sen each to RM5.65 and RM9.47 and Hong Leong Bank gained 10 sen to RM20.70.

Gagasan Nadi, which made its debut on the ACE Market, rose to a high of 40 sen before shedding all the gains to end at 30.5 sen, or just 0.5 sen above the offer price of 30 sen.

Oil prices inched up as Opec-led supply cuts also tightened markets, according to Reuters. Brent crude futures rose nine cents to US$57.42 US West Texas Intermediate (WTI) crude oil futures eked out a gain of four cents to US$48.56.

Petronas Dagangan gained 20 sen to RM25.90, Petronas Chemical six sen to RM8.99 but Petronas Gas fell 34 sen to RM17.66 and Dialog unchanged at RM2.84.

Markets , Oil & Gas