KLCI pares loss, stays in red as banks drag

KUALA LUMPUR: The FBM KLCI pared some of its loss but was still in the red at midday dragged by the decline in Maybank Public Bank and Tenaga.

At 12.30pm, the FBM KLCI retreated 3.79 points to 1,587.54. Turnover amounted to 1.4 billion shares worth RM1.07bil.

In a note today, Malacca Securities said investors may focus on the increasing prospect of an early general election in Malaysia.

“Commodity wise, oil price traded above US$100 per barrel amid the unresolved Russia-Ukraine tension, while the CPO price hovered around RM5,600,” it said.

The research house added that oil and gas counters may extend their gains as crude oil prices remained firm above the US$100 per barrel mark.

“Besides, investors may put construction stocks on the radar following the anticipation of an early election in Malaysia towards 2H22,” it added.

Meanwhile, Rakuten Trade reckoned that the index to trend within a range of between 1,580-1,600 today as market volatility heightens.

Maybank fell 11 sen to RM8.91, pushing the index lower by 1.9647 points.

Public Bank declined seven sen, dragging the index 2.0431 points lower while Tenaga lost 16 sen to RM9.26, nudging the index lower by 1.3776 points.

Among the losers on Bursa Malaysia, Chin Tek fell 28 sen to RM7.98, Kuala Lumpur Kepong lost 28 sen to RM25.02, Nestle shed 20 sen to RM135.90 and Hap Seng declined 18 sen to RM7.58.

Malaysian Pacific Industries surged RM2.88 to RM36.68, F&N gained 72 sen to RM21.92, Heineken added 68 sen to RM22.36 and Kobay rose 55 sen to RM4.05.