KLCI slightly lower at midday, ringgit extends downtrend against US$

  • Markets
  • Thursday, 20 Feb 2020

KUALA LUMPUR: The FBM KLCI was mildly weaker at midday amid broadly negative performances on the index.

However, Public Bank and Tenaga Nasional helped to mitigate the losses as they continued to rebound from recent losses.

At 12.30pm, the FBM KLCI was down 0.22 points to 1,533.94. Trading volume was 1.67 billion shares valued at RM1.01bil. There were 418 decliners, 306 gainers and 360 counters unchanged.

Among plantation plays, KL Kepong dropped 22 sen to RM22.80 while IOI fell five sen to RM4.47. Sime Darby Plantation rose two sen to RM5.09.

The world's largest glove maker, Top Glove, extended its decline for a fifth straight session, losing 14 sen to RM5.29, while Hartalega slipped two sen to RM5.90.

Telcos were also seen drifting lower with Maxis down five sen to RM5.32 and Digi losing one sen to RM4.32. Axiata was unchanged at RM4.27.

Public Bank continued its rebound for a third straight session, gliding 18 sen higher to RM18.12. Other banks put in more subdued gains with Maybank rising two sen to RM8.42, CIMB rising two sen to RM4.97 and Hong Leong Bank climbing four sen to RM15.38.

Tenaga Nasional meanwhile put on 12 sen to RM12.72.

Making its debut on the Main Market of Bursa Malaysia today, Innature was the most heavily traded counter, jumping four sen from its reference price to 68 sen.

Other top trades were Powerwell up one sen to 37.5 sen and DGB down 0.5 sen to 6.5 sen.

Oil prices extended their gains from the previous session after a sharp drop in the number of new coronavirus cases in China sent a wave of relief to investors.

WTI crude was up 18 cents to US$53.47 and Brent crude rose seven sencet so US$59.19 a barrel.

In currencies, the ringgit accelerated its downtrend against US dollar amid ongoign concerns over the impact of Covid-19 on the global economy.

The local currency slipped 0.4% against the greenback to 4.1820, 0.3% against the pound sterling to 5.3981 and was flat against the Singapore dollar at 2.9861.
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