By JOSEPH CHIN
KUALA LUMPUR Selling of plantation stocks accelerated in the late morning session on Tuesday, aggravated by the slide in crude palm oil (CPO) futures and crude oil prices.
The losses on Bursa Malaysia also mirrored the weaker Asian markets on worries that Monday’s rally was overdone while prospects for slowing global economy loomed.
At 12.30pm, the KLCI had fallen 5.26 points to 1,070.67. Turnover was 134.15 million shares valued at RM216.44mil. There were 112 gainers, 302 losers while 185 counters were unchanged.
Asian markets fell, with Hong Kong’s Hang Seng Index down 2% or 415 points to 20,378.81, Japan’s Nikkei 225 fell 1.93% to 12,380.58, Singapore’s Straits Times Index 1.65% to 2,652.53 while Shanghai’s A Share Index declined 0..91% to 2,229.25.
Other Asian markets also fell, with Taiwan’s Weighted Index the worst performer, down 3.47% to 6,427.71, Jakarta’s Composite Index fell 3.12% to 1,974.49 while South Korea’s KOSPI lost 1.91% to 1,448.42.
Light crude oil fell US$1.20 to US$105.14 while CPO futures fell RM90 to RM2,379. The ringgit was quoted at RM3.45 to the US dollar.
At Bursa Malaysia, KL Kepong fell 40 sen to RM10.70, Kulim-WB 27 sen to RM4.88, Kulim 15 sen to RM7.15, IOI Corp eight sen to RM4.78 and Sime five sen to RM6.40. However, Far East rose 10 sen to RM6.70.
Tenaga fell 15 sen to RM7.95 as a weaker ringgit would impact its US dollar currency borrowings, as it would have to pay more to service the loans. Genting fell 15 sen to RM5.35.
Golden Plus, which resumed trading after the suspension was lifted, fell 13 sen to RM1.51, while Iretex lost 13 sen also to 77 sen and Loh & Loh 12 sen to RM4.68.
UEM Builder rose three sen to RM1.39 while CIMA added 15 sen to RM6.05 after UEM Group served notices of takeover on the companies. Kinsteel fell three sen to 77.5 sen and Perwaja six sen to RM1.75 in active trade.
BAT was among the top gainers, rising 25 sen to RM39.75 while Petronas Dagangan added 25 sen also to RM6.55. Shell gained 20 sen to RM10.80, DiGi 10 sen to RM23.40 and Puncak nine sen to RM3.04.
Bullish Day : DOW up 350 points - Wednesday morning ... DOW up 350 points? How is that now? They talking about FED rate-cuts and yes, a tweet from Trump makes the day for markets? ---trum...
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