Petronas-linked stocks weigh on KLCI despite Tenaga's gains

  • Markets
  • Tuesday, 08 Oct 2019

KUALA LUMPUR: Petronas-linked stocks dragged the FBM KLCI into the red at the close of trade on Tuesday amid a mixed broader market despite some fund buying of Tenaga Nasional and MISC.

At 5pm, the KLCI was down 0.21 of a point or just 0.01% to 1,558.79 but off the intra-day low of 1,556. Turnover was 2.41 billion shares valued at RM1.71bil. There were 428 gainers, 381 losers and 419 counters unchanged.

However, most Southeast Asian stock markets ended higher as investors turned their focus to US-China trade talks due later this week, hoping that further tariffs between the world's two biggest economies can be avoided, Reuters reported.

At Bursa, which has seen foreign funds reducing their shareholdings, saw Petronas stocks among the top losers.

US light crude oil fell 34 cents to US$52.41 and Brent lost 23 cents to US$58.12.

Petronas Dagangan fell 50 sen to RM23.18, Petronas Gas 22 sen to RM16.30 and Petronas Chemicals three sen to RM7.17. Dialog was unchanged at RM3.39.

However, Genting Malaysia added three sen to RM3.08, MAHB advanced two sen to RM8.69 and Tenaga Nasional and MISC six sen each to RM13.70 and RM7.84 but Genting fell eight sen to RM5.65. Sime Darby was unchanged at RM2.25.

As for banks, Public Bank lost four sen to RM19.30, Maybank two sen to RM8.45, and AmBank one sen to RM3.94 but RHB Bank was unchanged at RM5.62, CIMB gained four sen to RM4.90, Hong Leong Bank six sen to RM16.10.

Crude palm oil for third month delivery rose RM15 to RM2,175 per tonne.

Among the plantations, Sime Plantation and IOI Corp were flat at RM4.70 and RM4.27, PPB Group added four sen to RM17.96 while KL Kepong climbed 16 sen to RM21.34.

Ekovest and IWC climbed in active trade. Ekovest added 6.5 sen to 79.5 sen and IWCity 7.5 sen to 91.5 sen.

The ringgit rose 0.01% against the US dollar to 4.1920 and advanced 0.3% to the pound sterling to 5.1438 but slipped 0.14% versus the euro to 4.6066 and shed 0.1% to the Singapore dollar to 3.0379.

China, Southeast Asia's biggest trading partner, and the United States will on Thursday look to work on resolving a tit-for-tat tariff war that has battered economies worldwide, with markets looking for signs of resolution during the

first minister-level negotiations in months, Reuters reported.

Hong Kong extended gains after the territory's leader said she had no plans to use the emergency regulation ordinance to introduce other laws.

China mainland stocks returned from a week-long holiday with a 0.6% rise. The National Holiday celebrations also offered a rare respite to China's retail sector, with spending on goods and dining returning to growth this year, Reuters reported.

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