Petronas Chemicals, banks, Tenaga weigh on KLCI


KUALA LUMPUR: Bursa Malaysia was set to end October on a weaker note on Friday as political worries and rising Covid-19 weighed on investors’ confidence though glove makers and tech stocks provided some support.

At 9.25am, the FBM KLCI was down 7.81 points or 0.52% to 1,487.39. Turnover was 888.75 million shares valued at RM444.82mil. There were 171 gainers, 442 losers and 332 counters unchanged.

Global coronavirus cases topped 44.9 million amid a renewed surge in cases across Europe and the US while the government in Tokyo made plans to boost its testing capacity six-fold as the flu season begins.

Fresh concerns about the outlook for technology giants dragged US equity futures lower, while Asian stocks traded mixed, Bloomberg reported.

Japanese shares were down over 1%, with declines more modest in Hong Kong and Australia.

At Bursa on Wednesday, foreign funds were quick to take profit and were net sellers at RM118.8mil but again the selling was well absorbed by local retail investors who were net buyers at RM99.7mil. Local institutions were net buyers at RM19.1mil.

In early trade on Friday, F&N fell the most, down 66 sen to RM31.34 and QL Resources 16 sen to Rm6.34.

Petronas Chemicals fell 30 sen to RM5.65, Public Bank 14 sen to RM15.54 and MAHB nine sen to RM4.41 while Tenaga lost eight sen to RM9.70.

Other decliners were Time dotCom and MFCB.

MPI was the top gainer, climbing 42 sen to RM22.98 with 12,800 shares done and Vitrox gained 16 sen to RM14.66.

Hartalega added 20 sen to RM18.22, Supermax 17 sen to RM9.62 and Kossan eight sen to RM7.58.

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