KUALA LUMPUR: Blue chips plunged early Monday as geopolitical stresses weighed on financial specialists’ hazard hunger with benefit taking seen in Petronas Chemicals however SP Setia ascended in dynamic exchange taking after its multi-billion-ringgit corporate exercise.
At 9.21am, the FBM KLCI fell 0.31 indicate or 0.02% 1,730.68. Turnover was 342.55 million shares esteemed at RM92.63mil. There were 236 gainers, 153 failures and 235 counters unaltered.
Hong Leong Investment Bank (HLIB) Research said in accordance with the waiting geopolitical nerves and continuous KLCI specialized pullback, this could recommend the four-month old uptrend since hitting a pinnacle of 1,759 on March 29 could be at its last part.
“Consequently, the list is visualized to stay in combination mode for some time until geopolitical hotspots scatter. Despite the fact that instability stays, firmer Ringgit (versus US$) and oil costs will pad any substantial selldown,” it said.
Raw petroleum prospects fell somewhat in calm exchanging on Monday, following a three-day Easter break, as financial specialists processed a third back to back week by week pick up in costs alongside North Korea’s fizzled rocket dispatch on Sunday, Reuters detailed.
Brent rough fates were down 18 pennies to US$55.71 at 0047 GMT. US West Texas Intermediate unrefined prospects were additionally down 18 pennies at US$53.
Gold costs hit a five-month high on Monday as the dollar debilitated. Spot gold had risen 0.7 percent to US$1,293.90 per ounce by 0030 GMT, in the wake of hitting their most elevated since early November at US$1,295.42
Among the KLCI stocks, Petronas Chemicals fell seven sen to RM7.53 in thin exchange while IHH was down four sen to RM6.
Batu Kawan, HCK Capital and MPI fell 10 sen each to RM19.20, RM5.30 and RM10.70 individually while Sunway lost four sen to RM6.
Among the customer stocks, Dutch Lady lost four sen to RM56.62 however Nestle hopped RM1.64 to RM81.89 and BAT was 30 sen higher at RM47.10.
SP Setia added 15 sen to RM3.70 yet off the prior high of RM3.77 and financial specialists were certain about the proposed corporate exercise to obtain I&P Group and grow its property bank.
JHM Consolidation added 15 sen to RM3.86 in rising volume again whose net benefit about tripled in 2016, sees its expansion into the aviation division proving to be fruitful, with its new aviation light-producing diode (LED) lighting business section anticipated that would help the gathering maintain its twofold digit income development for the second year in succession for FY17.
JHM official administrator and MD Datuk Tan King Seng was cited saying the ACE Market-recorded organization anticipates that net benefit will come in above RM20mil over the two years, therefore qualifying it for a Main Market posting by FY18.
Ann Joo added 10 sen to RM2.79, Hai-O nine sen to RM3.63 and Superlon eight sen up at RM3.40. KL Kepong added eight sen to RM23.90.
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