KUALA LUMPUR: Fund selling of Public Bank and Genting Bhd
weighed on blue chips early Thursday but the broader market was slightly firmer.
At 9.16am, the KLCI was down 5.20 points or 0.32% to 1,638.01. Turnover was 312.69 million shares valued at RM104.28mil. There were 153 gainers, 131 losers and 222 counters unchanged.
Asian shares paused near an eight-month peak as investors awaited developments on trade talks between the United States and China, who appear closer to signing a deal, nudging bond yields higher globally and softening the safe-haven yen, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan took a breather after five straight days of gains took it to its highest since late August. Japan's Nikkei was also flat to stay near a recent one-month top.
UOB Kay Hian Malaysia Research said Public Bank would likely continue registering a negative operating JAW this year, with its cost-to-income ratio rising from 32.9% in 2018 to 34% in 2019, on the back of a 5% cost growth assumption, according to UOB Kay Hian.
The JAW ratio demonstrates the extent to which the income growth rate exceeds the expenses growth rate. Public Bank fell 40 sen to RM22.60 with 206,300 shares done.
Genting lost 16 sen to RM6.79, Petronas Gas was down 10 sen to RM17.44, PPB Group eight sen to RM18.42 while IHH lost seven sen to RM5.53 and MISC six sen to RM6.64.
Hai-O was the top gainer, up nine sen to RM2.62, LC Titial six sen to RM4.08 while Teck Guan and Petronas Chemicals gained five sen each to RM1.37 and RM9.13.
Sime Plantation and RHB Bank added four sen each to RM5.09 and RM5.79.
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