KUALA LUMPUR: Selling pressure on Tenaga Nasional and Maybank pushed the FBM KLCI into the red at the close on Tuesday, despite better-than-expected industrial output, while all other key Asian markets advanced.

At 5pm, the KLCI was down 4.27 points or 0.26% to 1,651.20. Turnover was 2.24 billion shares valued at RM2.02bil. There were 455 gainers, 348 losers and 401 counters unchanged.

Bloomberg reported Asian stocks were set to post their biggest three-day gain since January as the risk-on mood spread across the region.

The benchmark MSCI Asia Pacific Index rose 0.7% as of 4:39pm in Hong Kong, poised for its highest since May 8. Chinese shares were the biggest gainers, after the country’s finance ministry said that it would loosen restrictions on how 

local governments spend money raised from selling special bonds, a move believed to be aiming at boosting economy. 

Malaysia's industrial product index (IPI) in April 2019 expanded at a faster pace of 4% from a year ago, exceeding the Bloomberg forecast of a 2.5% growth, according to the Statistics Department.

However, Bloomberg also reported foreign ownership of Malaysian government and corporate bonds and bills fell 2.3% month-on-month to RM175.9bil in May, lowest since December 2011, according to central bank data. 

Overseas holdings of the nation’s sovereign bonds dropped 2.6% on-month to RM158bil in May, lowest since March 2017.

Some profit taking saw Tenaga fell 28 sen to RM12.48 and erased 2.77 points from the KLCI, Hartalega six sen lower at RM5.26, Press Metal shed four sen to RM4.44 and GentingM two sen to RM3.20.

However, MISC gained 16 sen to RM7.16 and added 1.24 points, Genting three sen to RM6.55 and MAHB five sen to RM7.91.

Maybank lost five sen RM8.99 and wiped out nearly one point, Hong Leong Bank 24 sen to RM18.98 and erased 0.9 of a point, RHB Bank six sen to RM5.79 and Public Bank was two sen lower at RM23.48. AmBank edged up one sen to RM4.46, and CIMB four sen to RM5.32.

US light crude oil rose 34 cents to US$53.60 while Brent shed three sen to US$62.26. Among the oil and gas stocks, Dialog shed two sen to RM3.28, Petronas Chemical eased one sen to RM8.37, Petronas Gas was flat at RM17.92 and Petronas Dagangan eight sen higher at RM25.58.

Crude palm oil for third month delivery rose RM6 to RM2,000 due to the improved palm oil export demand and low CPO production outlook.

Genting Plantations lost 24 sen to RM10.12, PPB Group dropped 16 sen to RM18.68, Sime Plantation shed one sen to RM4.57, KL Kepong lost two sen to RM24.64 but IOI Corp eked out a one sen gain to RM4.31.

The ringgit was unchanged against the US dollar at 4.1642, fell 0.17% against the pound sterling to 5.2926, lost 0.16% against the euro to 4.7116 and closed down 0.18% versus the Singapore unit at 3.0510.