Telcos weigh on FBM KLCI

KUALA LUMPUR: The FBM KLCI slipped into the red with the telco sector draggin on the market although a jump in Petronas Chemicals offset some losses.

At 12.30pm, the country's key index was down 4.79 points to 1,527.27 with the announcement of the 12th Malaysia Plan doing little to affect investor sentiment.

Telco counters were led lower by Axiata falling 10 sen to RM3.99, Maxis sliding seven sen to RM4.65 and Digi shedding seven sen to RM4.40.

Bank stocks also drifted lower with Maybank sliding two sen to RM8.08 and CIMB falling one sen to RM4.80. Hong Leong Bank climbed six sen to RM18.70.

Outpacing the index today, Petronas Chemicals rallied 21 sen to RM8.32 on the back of a surge in crude oil prices.

Brent crude surged past US$79 a barrel, its highest in nearly three years, as global supply disruptions and recovering demand caused a drawdown in inventories.

Semiconductor plays remained in the spotlight. MPI rose RM1.84, KESM gained 50 sen to RM13.06 and Vitrox climbed 38 sen to RM20.88.

Among top actives, Borneo Oil was unchanged at three sen, KNM rose 1.5 sne to 24.5 sen and DNeX was flat at 81 sen.

Meanwhile, Asian markets were mixed as risk sentiment improved although the rise in commodities prices stokes inflation fears.

In China, equities remained on the slide as investors kept a close eye on the China Evergrande situation. China's benchmark index was down 1.3% and Hong Kong's Hang Seng rose 0.3%.

Japan's Nikkei was flat while South Korea's Kospi rose 0.25%. Australia's ASX200 was up 0.5%.
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Bursa Malaysia , FBM KLCI , equities


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