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KLCI slips into the red again at midday

by December 21, 2016 General

KUALA LUMPUR: Investor sentiment continued to be cautious with the FBM KLCI slipping into the red at midday on Wednesday, trailing most of the key markets due to the lack of leads from funds amid the weaker ringgit.

At midday, the KLCI was down 0.36 of a point or 0.02% lower at 1,634.16. Turnover was 516.52 million shares valued at RM526.67mil. There were 273 gainers, 292 losers and 330 counters unchanged.

The ringgit was flat against the US dollar at 4.4797 while it weakened against the pound sterling to 5.5425 from 5.5419 and slipped against the Singapore dollar to 3.1008 from 3.0958. It was also weaker against the Euro at 4.6616 from 4.6512.

Reuters reported most Asean stock markets rose, taking cues from Wall Street’s record performance with Philippine shares gaining after four sessions of losses. 

Emerging markets had been in a period of uncertainty for the past few weeks facing fund outflows as investors closely tracked the Fed’s comments on economic policies after the election victory of Donald Trump, it added.

At Bursa, weighing on the KLCI was Genting Malaysia, which fell six sen to RM4.59 as investors switched to Genting Malaysia which added seven sen to RM7.88.

Tenaga and MISC were flat at RM13.72 and RM7.34 while IHH lost two sen to RM6.36. 

As for banks, Public Bank rose two sen to RM19.74, CIMB and Hong Leong Bank were flat at RM4.60 and RM13.26 while Maybank shed one sen to RM7.90.

Among the consumer stocks, BAT fell 56 sen to RM43.36 but Nestle added 30c to RM78.60 and Dutch Lady gained 16 sen to RM56. 

Among the telcos, Maxis rose two sen to RM6.02, Axiata fell two sen to RM4.56 and Digi one sen lower at RM4.98 while Telekom lost three sen to RM5.95.

US light crude oil rose 20 cents to US$52.50 and Brent added 16 cents to US$55.51. Petronas Dagangan fell 16 sen to RM23.58, Enra nine sen lower at RM2.01, Petronas Gas was flat at RM21.28 while Petronas Chemicals rose three sen to RM6.91.

Construction company Ekovest fell seven sen to RM2.29 and Plenitude six sen lower at RM1.56.

MCE Holdings added 9.5 sen to 72.5 sen while JHM and Hai-O added seven sen each to RM1.68 and RM3.77.

Export-driven glove maker Kossan was the top gainer among the glove makers, up seven sen to RM6.42 as it stands to benefit from the weaker ringgit.

Gold price rose US$3.38 to US$1.135.73 per ounce.