Selling of IHH pushes KLCI into the red


The key FBM KLCI fell briefly below the crucial 1,600 level in afternoon trade on Monday on mounting selling pressure in line with the key Asian markets.

KUALA LUMPUR: Foreign selling of key stocks including IHH Healthcare and Genting in afternoon trade on Tuesday pushed the FBM KLCI into the red though Tenaga and RHB Bank help provided some support.

At 5pm, the KLCI was down 1.62 points or 0.1% to 1,603.74. Turnover continued to be lacklustre with 1.80 billion shares done valued at RM1.46bil. Decliners beat advancers three to one or 604 losers to 215 gainers and 313 counters unchanged.

Hong Kong's Hang Seng indexended at its lowest close in nearly 16 weeks – down 0.47% to 27,657 – as investors worried about the risk of escalating trade tensions between Washington and Beijing despite a temporary easing of restrictions China's Huawei. 

The Shanghai Composite Index rose 1.35%, Taiwan's TAIEX added 0.64%, South Korea's Kospi gained 0.27% but Singapore's STI fell 0.69%.

At Bursa, IHH Healthcare fell 16 sen to RM5.30 and erased 2.44 points from the KLCI, MAHB 20 sen to RM7.03, Genting 12 sen to RM6.38 and GentingM seven sen to RM3.07, Sime Darby three sen to RM2.18. but Tenaga rose 10 sen to RM11.68 and provided a one point gain. 

China ETF fell 28 sen to RM5.43.

Tech related stocks fell due to the fallout over the Huawei ban with MPI down 40 sen to RM9.10 and Pentamaster 24 sen to RM4.10 while Globetronics and Inari lost 10 sen to RM1.59 and RM1.40.

As for telcos, Digi fell eight sen to RM4.57, Axiata five sen to RM4.39 and Maxis unchanged at RM5.36.

US light crude oil rose 10 cents to US$63.20 but Brent shed three cents to US$71.94.

Dialog was up six sen to RM3.36, Petronas Dagangan six sen to RM24.58, Petronas Chemical two sen to RM8.82 but Petronas Gas fell 10 sen to RM16.52.

RHB Bank rose 14 sen to RM5.88, Public Bank six sen to RM22.48, AmBank four sen to RM4.39, Hong Leong Bank lost six sen to RM19.24, CIMB two sen to RM5.14 and Maybank one sen to RM8.99.

Crude palm oil for third month delivery fell RM27 to RM2,071 per tonne on higher palm oil stocks and weaker soyabean oil prices.

Sime Plantation and KL Kepong were unchanged at RM4.68 and RM24.16, IOI Corp gained one sen to RM4.22, PPB Group gained six sen to RM18.62 and 

Among the index-linked glove makers, Top Glove added 11 sen to RM5.05 and Hartalega 10 sen to RM5.20.

SAM Engineering was the second top gainer, up 19 sen to RM8.19 after posting a strong set of FY19 results.

Leong Hup International slipped further from its offer price of RM1.10 as it slipped two sen to RM1.05.

The ringgit weakened against the strengthening US dollar, down 0.24% in the day to 4.1865 and added 0.18% to the euro to 4.6670 and unchanged to the Singapore dollar at 3.0361 but gained 0.15% to the pound sterling to 5.3150.

 

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