Bursa lacklustre as Tenaga weighs on KLCI, Asian markets inch up

  • Markets
  • Friday, 24 Jan 2020

Market open

KUALA LUMPUR: Bursa Malaysia was lacklustre in early Friday trade in the absence of strong leads while Tenaga Nasional weighed on the FBM KLCI again.

At 9.30am, the KLCI was down 0.54 of a point or 0.03% to 1,573.90. Turnover was 312.63 million shares valued at RM170.04mil. There were 156 gainers, 221 losers and213 counters unchanged.

Asian stocks edged higher as investors mulled updates on the deadly coronavirus outbreak.

Treasuries and the yen dipped, while oil steadied after its recent slide. Shares saw modest gains in Japan and Australia, Bloomberg reported.

Meanwhile, China's National Health Commission said 830 cases had been confirmed so far and 25 people had died as of Thursday, according to a Reuters report.

Most of the cases are in the central Chinese city of Wuhan, where the virus is believed to have originated late last year.

At Bursa on Thursday, retail investors snapped up battered down stocks and were net buyers at RM36.4mil while local institutions were net buyers at a much smaller scale of only RM2.1mil. Foreign funds were net sellers at RM38.5mil.

BAT fell the most, sinking 42 sen to RM11.52, the lowest since 2003 on negative prospects.

Tenaga fell 28 sen to RM12.54 on concerns about the opening up of the power distribution monopoly.

Icon rights shares or Icon-OR tumbled 30 sen to 39 sen as investors sold their right to the shares and dumped their money into the share. Icon rose 23 sen to 90 sen.

Takaful Malaysia again lost ground, down 26 sen to RM4.92 after the recent news that RHB Islamic Bank Bhd said it will end its Bancatakaful service arrangement with the insurer.

Allianz lost 12 sen to RM15.10.

Press Metal fell six sen to RM5.14, MISC and IGBB shed five sen each to RM8.03 and RM3.41.

Glove makers rebounded with Top Glove up 21 sen to RM5.57, Hatalega 10 sen to RM5.99 and Kossan eight sen to RM4.72.

KL Kepong was the top gainer, up 36 sen to RM23.90. Petronas Gas 26 sen to RM16.66, Comcorp 17 sen to 26 sen and Public Bank 14 sen to RM19.28.

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