The key FBM KLCI fell briefly below the crucial 1,600 level in afternoon trade on Monday on mounting selling pressure in line with the key Asian markets.
KUALA LUMPUR: Shares of Carlsberg and Dialog were in the spotlight on Friday after their strong set of results but the FBM KLCI closed flat in line with the weaker key Asian markets after China's weak economic data.
At 5pm, the KLCI was down 0.23 of a point or a marginal 0.01% to 1,688.83. Turnover was 3.06 billion shares valued at RM1.99bil. There were 354 gainers, 475 losers and 384 counters unchanged.
China stocks retreated after latest official data raised deflation fears, while investors were worried about uncertainties over the China-US trade negotiations, Reuters reported. The blue-chip CSI300 index ended down 1.9% at 3,338.70, while the Shanghai Composite Index dropped 1.9 percent to 2,682.39.
The Hong Kong stock market also closed lower as the Hang Seng index was down 1.9% at 27,900, while the Hang Seng China Enterprises index fell 2.1%. Japan's Nikkei 225 lost 1.13% to 20,900.
After these markets closed, US Treasury Secretary Steven Mnuchin said in a tweet he and US Trade Representative Robert Lighthizer had "productive meetings" with China's Vice Premier Liu He.
Dialog rose 16 sen to RM3.15 and added 1.57 points to the KLCI after its net profit for the second quarter ended Dec 31 jumped 18.2% to RM136.8mil.
Carlsberg's sterling set of FY18 results and RM1 dividend whetted investors' appetite for the brewer and sent its shares up 34 sen to RM21.92. Its closest competitor Heineken rose 42 sen to RM21.70.
IHH Healthcare was the main drag on the KLCI, down 16 sen to RM5.61 and erasing 2.45 points from the KLCI on concerns about its Fortis expansion in India.
Among the banks, Maybank and CIMB fell eight sen to RM9.47 and RM5.70 while Public Bank and AmBank lost two sen each to RM24.92 and RM4.43 while Hong Leong Bank and RHB Bank were flat at RM20.98 and RM5.58.
US light crude oil rose 11 cents to US$54.52 and Brent added 21 cents to US$64.78. Petronas Dagangan rose 32 sen to RM26.56 and Petronas Chemical four sen to RM8.51 while Petronas Gas gained two sen to RM18.12.
Maxis fell seven sen to RM5.63 after its weaker set of results for the fourth quarter and FY18. It posted a net profit of RM1.78bil in the financial year ended Dec 31, 2018 (FY18), has announced RM1bil over next three years for incremental capital expenditure to support its new strategy.
Axiata shed one sen to RM3.94 but Digi ganed three sen to RM4.61.
Crude palm oil for third month delivery fell RM24 to RM2,253 per tonne. Among the plantations, KL Kepong advanced 10 sen to RM24.80, IOI Corp rose six sen to RM4.60, PPB Group four sen to RM18.20 and Sime Plantations three sen to RM2.21. Genting Plantationrose 14 sen to RM10.50.
Tenaga rose two sen to RM13.04, Genting Malaysia one sen to RM3.34 but Genting Bhd
shed four sen to RM7.10.
The ringgit weakened against the main key currencies, with pressure picking up in late afternoon.
It fell 0.4% to the US dollar at 4.0913, lost 0.24% against the pound sterling to 5.2368 and slid 0.59% to the euro at 4.6138 and gave up 0.49% versus the Singapore dollar at 3.0111.
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