Bursa in the red in early trade, Petronas stocks weigh


KUALA LUMPUR: Bursa Malaysia was in the red early Wednesday on mild profit taking on key FBM KLCI stocks especially Petronas-linked stocks after the late buying the previous day.

At 10.05am, the KLCI was down 4.13 points or 0.27% to 1, 515.43. Turnover was 1.29 billion shares valued at RM635.15mil. Decliners beat advancers 379 to 250 while 377 counters were unchanged.

Bloomberg reported Asian stocks were mixed early Wednesday after Wall Street fell from a record and bond yields rose following a surprise US inflation jump that stirred the debate on how long Federal Reserve policy can stay ultra-loose.

Shares fluctuated in Japan, dipped in South Korea and were steady in Australia. U.S. futures were little changed after the S&P 500 slipped for the first time in three trading sessions while the Nasdaq 100 ended little changed.

The June US inflation print topped all forecasts and pointed to higher costs associated with the reopening from the pandemic.

Rakuten Trade expected some selling to emerge after the KLCI touched almost the 1, 520 mark on Tuesday on last minute buying. For Wednesday, it anticipates the index to hover between the 1, 515 and 1, 525 range.

Genetec fell 84 sen to RM17.74 while Mesiniaga lost nine sen to RM1.62 and Hightec eight sen to RM4.82.

Petronas Daganagan and Petronas Gas weighed on the KLCI. PetDag fell 28 sen to RM18.80 and PetGas 12 sen to RM15.56.

F&N was down 18 sen to RM26.30, Batu Kawan 10 sen to RM19.20 and PPB Group eight sen to RM18.20.

Pasukhas slipped 1.5 sen to 31.5 sen in active trade and Serba Dinamik lost two sen to 42.5 sen and Pelikan 1.5 sen to 46.5 sen.

Notion V-Tec rose seven sen to 70.5 sen in active trade. MPI and Vitrox added 16 sen each to RM41.06 and RM15.76.

UMS climbed 28 sen to RM3.06, OCB 25 sen to RM1.11, SAB 20 sen to RM3.90.

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