Tenaga stages mild rebound but not enough to lift KLCI

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: Tenaga Nasional recouped about a third of its recent losses at the close of trade on Monday but selling of Maybank, Maxis and IHH dragged the FBM KLCI into the red.

At 5pm, the KLCI was down 4.89 points or 0.29% to 1,677.64. Turnover was 2.12 billion shares valued at RM1.68bil. Decliners beat advancers more than two to one or 568 losers to 267 gainers while 381 counters were unchanged.

The cloud of pessimism also hung over all key Asian markets, with South Korea the biggest loser.  

Reuters reported China's Shanghai Composite index posting its biggest daily loss in more than two months, as investors scaled back expectations for sharp US rate cuts and a slew of new listings this week weighed on tech shares. 

At the close, the Shanghai Composite index was down 2.58% at 2,933.36, in its biggest daily loss since May 6. The blue-chip CSI300 index was down 2.32%, its biggest daily loss since May 17.

At Bursa, IHH fell 11 sen to RM5.75 and erased 1.67 points, Genting 13 sen lower at RM6.67, MISC six sen to RM7.20 while Sime Darby was two sen lower ar RM2.31. 

Tenaga managed to recoup about a third of last Friday's losses, up 22 sen to RM13.82 and added 2.17 points to the KLCI.

CIMB and RHB Bank added one sen each to RM5.38 and RM5.77 but AmBank and Public Bank shed two sen to RM4.33 and RM22.98 while Hong Leong Bank gave up six sen to RM18.96 and Maybank was down five sen to RM8.92.

Maxis gave up nine sen to RM5.60, Axiata five sen to RM5.15 and Digi two sen lower at RM5.05.

Oil prices rose, boosted by escalating tensions around Iran's nuclear programme and better-than-expected US jobs data, Reuters reported.

Brent crude futures were up 34 cents by 0908 GMT at US$64.57. US West Texas Intermediate (WTI) was up 18 cents at US$57.69 a barrel.

Petronas fell 16 sen to RM17.38, Petronas Chemical three sen to RM8.60 and Petronas Dagangan six sen lower at RM25.54. Diaog was unchanged at RM3.35.

As for plantations, Genting Plantations lost 12 sen to RM9.98, IOI Corp lost five sen to RM4.24 , Sime Plantation two sen to RM4.85 while KL Kepong and PPB Group were unchanged at RM24.56 and RM18.58.

Ekovest and IWCity both fell in active trade. Ekovest was down 6.5 sen to 80.5 sen and IWCity eight sen lower at RM1 as interest in the counters faded.

Kim Hin Joo, which made its debut on the ACE Market, ended eight sen lower at 35 sen. Its offer price was 43 sen.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Next In Business News

Ringgit stronger as greenback weakens on US jobs data
PetDag, HL Bank, KLK lead KLCI higher in early trade
Padini's earnings growth to resume beyond near-term weakness
Amcorp Prop hits limit-up on privatisation plan
AmInvestment lowers estimates on Pentamaster following earnings disappointment
Trading ideas: Amcorp Prop, SP Setia, Pharmaniaga, WCT
Foreign funds dispose of RM336.37mil net of local equities
Summary of business news May 3 to 9
Abu Dhabi's ADNOC invites banks to pitch for bookrunner roles for drilling unit IPO
Australia's Star Entertainment makes US$7.44 bln bid for rival Crown

Stories You'll Enjoy