KUALA LUMPUR: The FBM KLCI managed to cling on the key 1,600 level early Wednesday as Petronas Gas, Public Bank, Telekom Malaysia and Tenaga Nasional slipped amid lack of fund support.
At 9.14am, the FBM KLCI was down 3.68 points or 0.23% to 1,601.63. Turnover was 77.68 million shares valued at RM77.68mil. There were 141 gainers, 130 losers and 226 counters unchanged.
Asian shares lumbered lower as the US-China trade talks produced nothing but a stream of conflicting messages, while concerns about a glut of supply saw oil prices suffer their biggest spill in seven weeks, Reuters reported.
Action in share markets was subdued with MSCI's broadest index of Asia-Pacific shares outside Japan off 0.25%. Japan's Nikkei eased 0.2% and South Korea 0.4%. E-Mini futures for the S&P 500 lost 0.1%.
On Tuesday, foreign funds remained net buyers on Bursa at RM136.60mil but local institutions were net sellers at RM129.1mil and local retailers at -RM7.5mil.
At Bursa, Petronas Gas fell 24 sen to RM16.46 after its 3Q net profit fell 13.6% to RM431.58mil from RM499.80mil a year ago, dragged down by lower revenue and higher repair and maintenance costs from the utilities segment.
Public Bank lost 10 sen to RM19.90, Tenaga eight sen to RM13.68 while Telekom shed five sen to RM3.74 and Axiata four sen to RM4.32.
PPB Group fell 22 sen to RM17.94 but with 100 shares done only. KL Kepong’s stronger 4Q earnings saw it climb 16 sen to RM22.66 with 200 shares done.
G3 fell again, down 15 sen to RM2.71, despite a slight rebound on Tuesday. It hit limit-down on Monday.
Weaker crude oil prices saw Wah Seong fall four sen to RM1.25.
Brent crude futures stood at US$60.91 a barrel early on Wednesday, after sliding 2.6% overnight, while US crude recouped one cent to US$55.22, Reuters reported.
Heineken was the top gainer, up 18 sen to RM26.30 but Nestle was the top loser, down 40 sen to RM143.80.
Other gainers were YSP Southeast Asia, Dufu, Hektar and Takaful.