Blue chips slip but losses marginal as KLCI ends in the red

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: Lack of strong institutional leads saw the FBM KLCI closing lower in lacklustre trade but the losses among the blue chips were marginal.

At 5pm, the KLCI was down 2.57 points or 0.15% to 1,687.48. Turnover was 2.84 billion shares valued at RM1.82bil. There were 466 gainers, 348 losers and 407 counters unchanged.

On the external front, China stocks closed lower weighed down by a slump in top consumer shares, even as investors awaited developments around China-US trade talks. The blue-chip CSI300 index fell 0.5% to 3,873.10, while the Shanghai Composite Index lost 0.3% to 3,005.25, Reuters reported.

Japan's Nikkei 225 rose 0.3%,  Taiwan's Taiex added 0.3% and South Korea's Kospi up 0.61% and Singapore's STI 0.13% higher but Hong Kong's Hang Seng Index lost 0.21%,

Malaysia's exports rose by 2.5% to RM84.15bil, the highest export value ever for the month of May, exceeding a Bloomberg survey of a 2.2% increase aided by an increase in crude palm oil (CPO) exports. However, when compared with April, there was a slight decline month-on-month.

At Bursa, CIMB fell six sen to RM5.30 and erased 1.01 points from the KLCI. HL Bank was down eight sen to RM19.02, RHB Bank and Public Bank were unchanged at RM5.77 and RM23 while AmBank added two sen to RM4.41 and Maybank one sen higher at RM8.98.

Tenaga shed 10 sen to RM14.14 and wiped out nearly one point despite the more positive outlook for the power giant. IHH was down four sen to RM5.83, Genting three sen to RM6.81 while Sime Darby and GentingM were unchanged at RM2.31 and RM3.30.

Oil prices fell, weighed down by data showing a smaller-than-expected draw on US crude stockpiles and worries about the global economy. US light crude fell 39 cents to US$56.95 and Brent was down 36 cents to US$63.46.

Petronas Gas fell 18 sen to RM17.36 and wiped out 0.62 of a point but Petronas Chemical advanced two sen to RM8.62, Dialog added three sen to RM3.33, Petronas Dagangan 10 sen to RM25.70.

Yinson was surged to multi-month high of RM6.65, up 41 sen, as analysts were upbeat about its prospects.

Axiata rose four sen to RM5.26, Maxis three sen to RM5.70 and Digi unchanged at RM5.08. Telekom, which was not part of the KLCI, rose 15 sen to RM4.37.

Crude palm oil for third month delivery fell RM1 to RM1,955 per tonne.

As for plantations, Sime Plantation fell four sen to RM4.83, PPB Group and IOI Corp unchanged at RM18.56 and RM4.25 while KL Kepong edged up four senb to RM24.50.

Cashless payment solutions provider Revenue Group ended at a record high, up 20 sen to RM1.62. 

The ringgit rose 0.1% against the US dollar to 4.1363 and edged up 0.04% to the pound sterling to 5.2024 while it advanced 0.12% versus the euro to 4.6647. Against the Singapore dollar, it increased by 0.11% to 3.0487.
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