KLCI starts week on weaker note as Tenaga, Sime Plant fall

  • Business
  • Monday, 24 Jun 2019

KUALA LUMPUR: Investors took some money off the table early Monday on concerns about the geopolitical risks, with Tenaga Nasional and Sime Plantation among the bigger decliners.

At 9.52am, the FBM KLCI was down 6.11 points or 0.36% to 1,676.12. Turnover was 389.42 million shares valued at RM224.27mil. There were 173gainers, 244 losers and 266 counters unchanged.

Stocks in Asia opened mixed, while US futures edged higher, as investors monitor geopolitical risks and plans for the high-stakes meeting between Presidents Donald Trump and Xi Jinping, Bloomberg reported.

Oil climbed as the US said it was planning sanctions on Iran. Japanese and Australian shares slipped, and South Korea stocks were little changed. S&P 500 futures rose after the gauge Friday slipped from an all-time high. The yen and the offshore yuan were steady. The yield on 10-year Treasuries was flat at 2.06%.

Kenanga Research expects the KLCI to undergo near-term pressure or consolidation after chalking up a week-on-week gain of 2.66% as investors may take profit after four consecutive long bullish candlesticks. 

“However, the underlying trend of the index has turned bullish following the break above its 100-day SMA. From here, resistances can be found at 1,690 (R1). 

“A break above should see the index trend higher towards 1,730 (R2). Conversely, downside supports can be identified at 1,650 (S1) and 1,600 (S2),” Kenanga Research said.

Tenaga fell 14 sen to RM13.76 and Sime Plantation lost nine sen to RM4.87.

United Plantation was the top loser, down 32 sen to RM26.68, Magni-Tech 15 sen to RM4.95, SCIB 9.5 sen to 99.5 sen and Lafarge nine sen lower to RM3.66.

Gamuda lost 11 sen to RM3.27 but Litrak jumped 73 sen to RM4.49 after the Ministry of Finance’s (MoF) RM6.2bil offer to buy out four tolled highways after four months of negotiations.

RHB Research Institute is positive on the offer to buy out Lebuhraya Damansara Puchong (LDP), Sistem Penyuraian Trafik KL Barat (SPRINT), Lebuhraya Shah Alam (KESAS) and SMART Tunnel (SMART).

Petronas Dagangan rose 24 sen to RM25.70, YINSON 20 sen to RM6.26, Aeon Credit 12 sen to RM16.82 and G3 nine sen to RM1.55 while Tasco added seven sen to RM1.37.

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