KUALA LUMPUR: Bursa Malaysia's recent rally hit a speed bump on Tuesday on selling of Petronas-linked stocks and Tenaga Nasional, in line with the key Asian markets except China.
At 5pm, the FBM KLCI was down 10.18 points or 0.65% to 1,566.72. Turnover was 7.78 billion shares valued at RM4.93bil. Decliners led advancers about three to two or 648 losers to 428 while 415 counters unchanged.
In late afternoon, Bank Negara announced a 25bp cut in the overnight policy rate to a record low of 1.75% as it continued to highlight the continued spectre of downside risks.
According to analysts, the central bank was repeatedly pointing out the risk of a Covid-19 pandemic resurgence that might bring about the reintroduction of containment measures.
In the statement, Bank Negara said following the gradual and progressive re-opening of the economy since early May, economic activities have begun to recover from the "trough in the second quarter".
“The fiscal stimulus packages, alongside monetary and financial measures, will continue to underpin the improving economic outlook, ” it said.
As for the markets, Reuters reported Asia's emerging and developed stock markets cooled off after a recent rally fuelled by recovery hopes and Chinese stock market gains, with South Korean shares the biggest faller with a 1.1% decline.
US light crude oil fell nearly 1% or 39 cents to US$40.24 and Brent was down 0.74% or 32 cents to US$42.78.
Petronas Chemicals fell 31 sen to RM6.63 and erased 3.8 points from the KLCI, Petronas Dagangan lost 52 sen to RM20.28 and Petronas Gas 50 sen to RM17.
Tenaga lost 26 sen, the biggest one-day loss in recent day, to end at RM11.60 and wipe out 2.27 points. MISC surrendered 14 sen to RM5.17, Genting fell five sen to RM4.15, GentingM two sen to RM2.56 and IHH four sen to RM5.35.
Among the banks, Hong Leong Bank lost nine sen to RM14.46, CIMB was unchanged at RM3.70, Maybank shed one sen to RM7.82 but Public Bank bucked the trend to climb six sen top RM17.40.
As for glove makers, Kossan rose 54 sen to RM10.92, Top Glove 50 sen to RM20.46 and added 2.06 points to the KLCI while Hartalega gained 20 sen to RM5.35. Supermax was up 32 sen to RM10.68.
Nestle fell the most among the consumer stocks, down 60 sen to RM139.40, Heineken 26 sen to RM22.10, Carlsberg 20 sen to RM24.60 and Ajinomoto 18 sen lower at RM16.60.
Among the telcos, Maxis fell 14 sen to RM5.17, Digi was down 13 sen to RM4.21, Axiata seven sen to RM3.42 and Telekom four sen to RM4.15.
Crude palm oil for third month delivery fell RM18 to RM2,373 per tonne. IOI Corp nine sen lower at RM4.41, KL Kepong four sen to RM22.60, PPB Group 12 sen to RM17.80 and Sime Plantation one sen to RM4.96.
The ringgit inched up 0.02% against the US dollar to 4.2770.
US spot gold fell US$7.81 to US$1776.87 per troy ounce.
Reuters reported Chinese blue-chip shares rose for a sixth straight day to close at a more than five-year high, as retail investors rushed to join an officially sanctioned bull market, but stocks pared gains late in the day as some traders booked profits.
The blue-chip CSI300 index finished the day up 0.6% at 4,698.13, its highest close since June 25,2015. The Shanghai Composite Index added 0.37% to 3,345.34, its highest close since Feb. 6,2018.
Japan's Nikkei 225 fell 0.44%, Hong Kong's Hang Seng Index 1.38%, South Korea's Kospi 1.09% and Singapore's STI 0.9%.
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