Selling pressure pushes KLCI into the red

KUALA LUMPUR: Selling pressure in the afternoon pushed the FBM KLCI into the red on Tuesday, dragged down by losses in Petronas-linked stocks, while key Asian markets closed mixed.

At closing, the benchmark KLCI finished 7.14 points, or 0.47% lower to 1,510.97. It hit an intra-day low of 1,510.69 and a high of 1,520.97. The index opened 0.39 of-a-point higher at 1,518.50 this morning.

Losers trounced gainers by 661 to 394, while 428 counters were unchanged. Turnover stood at 11.04 billion shares worth RM5.82bil.

Dealers said the local bourse together with its regional peers were mostly lower in tandem with the weaker performance on Wall Street.

In today’s session, 19 of the KLCI-component stocks fell, seven rose while the remaining four counters closed unchanged.

Petronas Dagangan (PetDag) contributed the most to the index decline while Press Metal provided the biggest boost to the index.

PetDag shed 98 sen to RM17.90, dragging the index lower by 1.4977 points. Petronas Chemicals fell 11 sen to RM5.89, pushing the index 1.3538 points lower.

Top Glove fell 12 sen to RM9.48, Nestle declined RM2.60 to RM139.40, Kuala Lumpur Kepong shed 18 sen to RM21.70.

Press Metal added 25 sen to RM5.57, pushing the index higher by 1.5530 points.

Among the banks, Maybank fell two sen to RM7.18, Public Bank declined four sen to M15.80, CIMB dropped two sen to RM3.04 and Hong Leong Bank added two sen to 14.98.

Newly listed Aneka Jaringan Holdings Bhd closed four sen, or 12.12% lower at 29 sen with 123.71 million shares traded,

On the external front, MSCI’s Asia ex-Japan stock index was firmer by 0.36%.

China’s Shanghai Composite index ended 0.47% higher at 3,328.10 while the blue-chip CSI300 index was up 0.8%.

Hong Kong’s Hang Seng index was up 27.28 points or 0.11% at 24,569.54.

Japan’s Nikkei 225 dropped 0.44% to close at 23,567.04, while the broader Topix lost 0.75% to 1,625.74.

South Korea’s Kospi rose 11.67 points, or 0.50%, to 2,358.41 and Singapore Straits Times Index fell 0.59% to 2,528.64.

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