Press Metal drags on FBM KLCI, energy stocks lend support

KUALA LUMPUR: The FBM KLCI slipped in morning trade as Press Metal decline amid news of a share placement although rising energy prices helped to lift plantations and oil and gas counters.

At 12.30pm, the benchmark index was down 2.54 points to 1,584.62.

Press Metal had proposed a share placement entailing 2% of the company's issued shares to raise gross proceeds of about RM1bil.

Shares in the aluminium producer dropped 26 sen to RM6.09.

Meanwhile, Petronas Chemicals rose 22 sen to RM9.62 on the back of higher crude oil prices while platation share Sime Darby Plantation climbed 16 sen to RM5.14.

Among banks, Public Bank slipped four sen to RM4.59, CIMB dipped one sen to RM5.34 and Hong Leong Bank lost 16 sen to RM20.14.

Making its debut on the Main Market, Farm Fresh jumped 41 sen to RM1.76 on the back of heavy investor interest.

The stock was the most active with 257.22 million units traded in the morning session alone.

Other top actives were CSH unchanged at 15 sen and AT down 0.5 sen to two sen.

Meanwhile, major Asian markets were up as banks, miners and energy plays climbed amid expectations of more aggressive US rate hikes.

Japan's Nikkei rose 1.6%, South Korea's Kospi gained 0.75% and China's composite index added 0.1%.

In Hong Kong, the Hang Seng rose 1.1% while Australia's ASX200 was also up 1.1%.