KLCI in the red despite gains in Genting stocks

  • Business Premium
  • Friday, 26 Jul 2019

KUALA LUMPUR: The FBM KLCI fell in early Friday trade, in line with the cautious key Asian markets after the overnight decline on Wall Street but Genting Malaysia and Genting helped cushion the decline.

At 9.11am, the KLCI was down 4.67 points or 0.28% to 1,651.91. Turnover was 186.22 million shares valued at RM138.77mil. There were 119 gainers, 181 losers and 200 counters unchanged.

Asian share prices opened a tad lower on mixed US earnings reports and the euro held above two-year lows struck overnight after the European Central Bank held interest rates steady, though officials said a cut was certain in September, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.15% while Japan's Nikkei dipped 0.3%.

Wall Street shares fell from record highs on Thursday, with the S&P 500 losing 0.53%, following a flurry of downbeat quarterly results from Ford Motor and other companies.

BAT fell RM1.84 to RM27.76 with 63,000 shares done after its second net profit fell.

HLFG lost 28 sen to RM18.36 with 200 shares done, HL Bank 10 sen lower at RM18.18.

As for plantations, KL Kepong was 24 sen lower at RM23.58, PPB Group 18 sen to RM18.54 and Genting Plantations nine sen to RM9.86.

MISC fell 12 sen to RM7.23 on concerns about weaker Q2 earnings.

Vitrox lost 10 sen due to weaker Q2 earnings.

G3 continued to charge ahead, up 19 sen to RM2.70.

Genting Malaysia was up 18 sen to RM3.85 and Genting seven sen to RM6.97.

Syarikat Takaful added nine sen to RM6.79. RHB Research Institute is retaining its Buy call with a target price of RM8 as the insurer remains one of its top picks in the sector after its 2Q19 results were solid across the board with the Family segment remaining the bright spot.

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