Late selling pushes KLCI down 10 points on Thursday – Business News


KUALA LUMPUR: Blue chips closed lower on Thursday as late fund selling erased nearly 10 points from the FBM KLCI, further worsened by the weak debut of Sime Darby Plantations and Sime Darby Property.

At 5pm, the KLCI was down 2.52 points or 0.15% to 1,717.86 and year-to-date, the index is up just 4.64% and it is the second worst performer after Shenzen Compositie Index which is down 3.42%.

Turnover rose to 2.47 billion shares valued at RM6.03bil. There were 340 gainers, 461 losers and 469 counters unchanged.

The ringgit weakened against the US dollar by 0.24% to 4.0915 and fell 0.44% to the pound sterling to 5.5012. However, it was higher by just 0.1% to the euro at 4.8421 and advanced 0.23% to the Singapore dollar at 3.0293.

Reuters reported Southeast Asian stock markets were downcast on Thursday as broader Asian equities fell sharply on a selloff in technology heavyweights, with Singapore falling the most.

MSCI’s broadest index of Asia-Pacific shares outside Japan retreated over 1% after U.S. technology stocks posted steep losses overnight as investors shifted to financials and other sectors that could potentially benefit from lower regulation and taxes, as well as higher interest rates. 

China economic data showing an unexpected pickup in factory activity in November had little impact on Asian shares. Singapore shares fell as much as 0.6% to their lowest in a week, weighed down by industrials and financials stocks, Reuters reported. 

At Bursa Malaysia, investors were disappointed with the listing of Sime Darby Plantation and Sime Darby Property after they were hived off from Sime Darby.

Sime Plantation fell 58 sen to RM5.01 and erased 6.71 points from the KLCI while Sime Property lost 30 sen to RM1.20 and wiped out 3.47 points. However, Sime Darby rose 50 sen to RM2.35.

Public Bank fell 36 sen to RM19.90 in late selling pressure and it erased 2.38 points. Hong Leong Bank lost 18 sen to RM15.14 but CIMB added 11 sen to RM6.05 and added 1.73 points while Maybank gained five sen to RM9.25. HLFG added 42 sen to RM16.06.

US light crude oil edged up nine cents to US$57.39 and Brent gained 39 cents to US$63.50.  Petronas Dagangan added 32 sen to RM24.20, but Petronas Gas lost 28 sen to RM15.88 and Petronas Chemicals seven sen lower at RM7.40.  Hengyuan lost 20 sen to RM10.52. 

IQ Group hit limit-down, tumbling 82 sen to RM1.94 after its disappointing results. Success Transformer lost 51 sen to RM2.69.

Cement maker Tasek lost 30 sen to RM12.40 but CMSB added 42 sen to RM3.97.

As for consumer stocks, Nestle rose RM2.80 to RM97.30 and BAT RM1.46 to RM37.38 while Calrsberg gained 36 sen to RM15.16. 

Genting Bhd fell 13 sen to RM8.80 and Genting Malaysia four sen lower at RM5.09 but Tenaga gained six sen to RM15.46.


Read more : thestar

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