Tenaga, Top Glove and Petronas Chemicals weigh on KLCI

KUALA LUMPUR: Bursa Malaysia traded lower early Wednesday as losses in Tenaga Nasional, Top Glove and Petronas Chemicals weighed on the FBM KLCI.

At 9.15am, the KLCI was down 5.03 points or 0.31% to 1,597.23. Turnover was 793.61 million shares valued at RM419.87mil. There were 360 gainers, 265 losers and 408 counters unchanged.

Overnight on Wall Street, the Dow Jones Industrial Average rose 185.28 points, or 0.63%, to 29,823.92, the S&P 500 gained 40.82 points, or 1.13%, to 3,662.45 and the Nasdaq Composite added 156.37 points, or 1.28%, to 12,355.11.

Rakuten Trade expects the regional markets to continue climbing following yesterday’s solid performance and the firm overnight close on Wall Street.

“The KLCI is expected to touch 1,610 today with funds shifting towards broader based buying.

“Meanwhile, November is a record month for crude palm oil this year as price averaged firmly above the RM3,400 a tonne, ” it said.

At Bursa on Monday, local retail investors were net buyers at RM104.6mil and foreign funds turned net buyers also at RM65.9mil but local funds were net sellers at RM170.6mil.

Tenaga fell 16 sen to RM10.70 and Petronas Chemicals six sen to RM6.96 but Public Bank advanced 12 sen to RM18.04.

Hartalega fell 14 sen to RM14.32 on some profit taking.

As for Top Glove, it continued to lose ground on worries about fines which could be imposed over the workers’ accommodation. It fell 11 sen to RM6.68 with 8.26 million shares done.

Khind lost 12 sen to RM3.10 with 5,600 shares done on profit taking after the recent share price rally due to its strong earnings.

SAM Engineering lost 10 sen to RM7, Carlsberg also 10 sen lower at RM19.80, QL Resources eight sen to RM6.28 and Petron seven sen to RM4.16.

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