Banks weigh on FBM KLCI

KUALA LUMPUR: Profit taking on blue chips, especially banks, pushed the 30-stock FBM KLCI into the red at midday on Wednesday, Nov 18, mirroring the cautious developments in the key regional markets.

At 12.30pm, the FBM KLCI fell 5.3 points to 1,274.65. Turnover was 487.68 million shares valued at RM461.23 million. There were 230 gainers, 295 losers and 277 stocks unchanged.

Japan's Nikkei 225 fell 0.85% to 9,647.12, Hong Kong's Hang Seng Index slipped 0.7% to 22,753.99 while Singapore's Straits Times Index lost 0.5% to 2,751.59. Shanghai's Composite Index rose 0.26% to 3,291.46.

Light crude oil rose 26 cents to US$79.34, crude palm oil futures added RM20 to RM2,3562 while gold fell 0.4% or US$4.53 to US$1,136.75.

At Bursa, among the 30-stocks of the FBM KLCI, CIMB fell the most, down 16 sen to RM13 on profit taking which saw 3.34 million shares done. Its decline pushed the index down 1.89 points.

Sime Darby fell eight sen to RM9 and Axiata five sen lower to RM3.10, which dragged the index down by another 2.24 points. Other decliners were Genting PLANTATION []s, PPB, HL Bank and YTL, which fell 10 sen each to RM6.15, RM15.78, RM8.20 and RM7.39 respectively.

Among the banks, CIMB fell 16 sen to RM13 , RHB Cap and Hong Leong Bank 10 sen each to RM5.40 and RM8.20 but Maybank rose three sen to RM6.97 and Public Bank advanced two sen to RM11.

Bintulu Port fell 24 sen to RM6.26 with 3,000 shares, making it the worst performer while Parkson shed 15 sen to RM5.29.

Scomi-LR was the most active with 45.1 million units done, shedding one sen to two sen.

Silver-WA rose seven sen to 22.5 sen with 36 million units done. Dialog rose eight sen to RM1.43 on stronger earnings and bonus issue.

Nestle retained its top spot, holding on to its 24 sen gain to end the morning at RM32.64. AMMB-CC rose 21 sen to RM1.59 and KLCCP 12 sen to RM3.42.

Lityan rose 17 sen to RM2.61 while Jetson-WA added eight sen to RM1.96 while the shares gained two sen to RM2.92.