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Consumer stocks top losers, FGV under pressure again

by November 28, 2016 General

KUALA LUMPUR: Consumer stocks were among the top losers in early Monday trade while Felda Global Ventures Holdings Bhd (FGV) came under renewed pressure again, sending the shares below RM1.50.

At 9.30am, the KLCI was down 2.62 points or 0.16% to 1,624.64. Turnover was 241.60 million shares valued at RM100.18mil. There were 129 gainers, 240 losers and 180 counters unchanged.

Key Asian markets were mixed with Japan in the red but China, South Korea and Singapore markets up.

Among the consumer stocks, BAT fell 56 sen to RM44.02, Dutch Lady 34 sen down to RM55.02 and F&N 12 sen to RM23.20 in thin trade. Panasonic Malaysia lost 28 sen to RM35.

FGV fell nine sen to RM1.47 with 8.58 million shares done. Its call warrants FGV-C17 lost 0.5 sen to four sen.

CIMB Equities Research said FGV may face a backlash from the markets in the short-term from the RM300mil write-off stemming from fraud in a joint venture in Turkey.

CIMB Research, which has maintained a “hold” call on the company’s share price, views the fraud issue as a negative in the short-term but positive in the medium term as it will allow FGV to improve on efficiency and profitability.

Other decliners were Aeon Credit, down 12 sen to RM13.54, Padini 11 sen to RM2.71 and Tune Protect 10 sen lower ar RM1.52.

Kim Hin tose 13 sen to RM1.69, The Store and MSC gained 10 sen eacg to RM3 and RM4.37 while Muda and MKH climbed eight sen each to RM1.62 and RM2.90. MFC added seven sen to RM2.41.