Genting Malaysia rose 25 sen to RM3.70 and Genting 22 sen higher at RM6.87. They added four points to the KLCI.
KUALA LUMPUR: Foreign funds stepped up selling pressure on Petronas Chemical and Petronas Gas again on Wednesday sending the key FBM KLCI into the red but Genting and Genting Malaysia closed higher.
At 5pm, the KLCI was down 3.26 points or 0.2% to 1,652.41. Turnover was 3.22 billion shares valued at RM2.28bil. Turnover rose by over 16% to 3.22 billion shares from 2.77 billion units the previous day. Market value rose 13.4% to RM2.28bil. The broader market was mixed with 445 gainers, 431 losers and 434 counters unchanged.
On the external front, Hong Kong stocks ended slightly higher on Wednesday as prospects of fresh China-US trade negotiations lifted sentiment, while investors awaited possible US rate cuts this month, Reuters reported. The Hang Seng index ended up 0.2% at 28,524.04, while the China Enterprises Index closed 0.5% higher at 10,858.88.
US light crude oil rose 32 cents to US$57.09 and Brent added 20 cents to US$64.03 on rising tensions over Iran, a sharp fall in US crude stocks and positive signs on the US-China talks, although worries about weak demand kept a cap on gains, Reuters reported.
Petronas Chemicals fell 19 sen to RM7.50 – the lowest since February 2018 after its earnings outlook was lowered by analysts. It erased 2.65 points from the KLCI.
Petronas Gas, which came under late selling pressure on Tuesday, fell 32 sen to RM8.76 – the lowest since late May this year. Petronas Dagangan was flat at RM24.28. Dialog was up three sen to RM3.50, near its recent all-time high. Yinson
added 15 sen to RM7.15.
Genting Malaysia rose 25 sen to RM3.70 and Genting 22 sen higher at RM6.87. They added four points to the KLCI.
UOB Kay Hian Malaysia Research said the surge in the share price could be linked to a recent market speculation that the group could have reached a compromise with Fox, thus paving the way for the opening of its outdoor theme park.
“According to market speculation, both parties have reached a commercial agreement after rounds of negotiation, which could possibly result in higher royalty or revenue sharing to Fox. Hence, this suggests that Fox’s controlling shareholder Disney’s aversion against gaming industry may not be ‘the’ stumbling block as widely believed,” it said.
Maybank fell six sen to RM8.76 and wiped out 1.17 points, Public Bank lost 10 sen to RM22.70, Hong Leong Bank was down 12 sen to RM18.20 and RHB Bank six sen to RM5.64. CIMB shed two sen to RM5.17 and AmBank three sen to RM4.26.
Tenaga came under some profit taking, shedding eight sen to RM13.74.
As for telcos, Maxis lost six sen to RM5.61, Digi four sen to RM4.95 but Axiata gained two sen to RM5.15. Telekom shed 12 sen to RM4.45.
Crude palm oil for third month delivery rose RM23 to RM2,027 per tonne, the highest since June 20 on expectations of lower stockpiles in Indonesia and slower output.
KL Kepong lost four sen to RM23.64, IOI Corp shed one sen to RM4.20, PPB Group and Sime Plantation were unchanged at RM18.66 and RM4.78.
The ringgit edged up 0.04% against the US dollar to 4.1167 but slipped 0.31% against the pound sterling to 5.1331. It was up 0.39% against the euro to 4.5867 and eked out a gain oif 0.06% to the Singapore dollar at 3.0176.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
