KUALA LUMPUR: Telcos snapped their recent rally on Monday, dragging the FBM KLCI into the red while the recovery in crude palm oil (CPO) prices was unable to lift the plantation heavyweights.
At 5pm, the KLCI was down 6.93 points or 0.43% to 1,588.88. Turnover was 2.53 billion shares valued at RM1.78bil. The broader market was mixed with 408 gainers, 449 losers and 377 counters unchanged.
Meanwhile, Moody's Investors Service said the credit profile of Malaysia (A3 stable) is supported by its large, diversified and competitive economy, strong medium-term growth prospects compared with similarly rated peers and ample natural resources.
Asean markets and Hong Kong's Hang Seng Index closed lower but China and Japan stocks closed higher.
China's blue-chip CSI300 index ended 0.8% higher and the Shanghai Composite Index closed up 0.7% following signs that the economy may be stabilising, and as hopes rose for more stimulus measures to aid growth. The Nikkei share average rose 0.18%.
At Bursa, Maxis fell 10 sen to RM5.60, Axiata nine sen to RM4.51 and erased 1.20 and 1.27 points. Digi shed seven sen to RM4.55 and wiped put 0.84 of a point.
CPO for third month delivery rebounded RM63 to RM2,900 per tonne. Batu Kawan rose 20 sen to RM17.32 and PPB Group four sen to RM18.54 but United Plantations lost 34 sen to RM23.20, KL Kepong 14 sen to RM24.26, IOI Corp and Sime Darby Plantation three sen each to RM4.60 and RM5.28.
Among the banks, Public Bank fell 12 sen to RM19.48 and erased 0.72 of a point, AmBAnk six sen to RM3.88, CIMB four sen to RM5.12, Hong Leong Bank six sen to RM16.90 and CIMB four sen to RM5.12. RHB Bank eked out a one sen gain to RM5.85.
US light crude oil rebounded 28 cents to US$58.82 and Brent climbed 43 cents to US$65.28.
However, Petronas Dagangan lost 60 sen to RM23.20, Petronas Gas 26 sen to RM16.24 and Petronas Chemicals flat at RM7.03 while Dialog was also unchanged at RM3.39.
BAT continued to lose ground falling to a fresh low since end-2002 on weaker prospects. It was the top loser, down RM1 to RM12.70.
Tenaga rose four sen to RM12.94, Sime Darby and Genting one sen lower at RM2.25 and RM6.17 while GentingM was flat at RM3.36.
However, Hartalega and Top Glove ended positive. Hartalega gained five sen to RM5.68 and Top Glove six sen to RM4.82.
Chip related stocks closed higher, with KESM up 50 sen to RM10.80, Pentamaster 33 sen to RM5.06 and Vitrox 25 sen to RM9.32.
The ringgit weakened against the US dollar and Singapore unit but climbed against the pound sterling and euro.
The ringgit fell 0.13% to the US dollar at 4.0600 and shed 0.01% againsts the Singapore unit at 3.0124. It rose 0.74% against the pound to 5.2674 and added 0.25% to the euro at 4.5022.
Spot gold rose US$3.36 to US$1,560.61 per troy ounce.
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