Genting Malaysia fell 23 sen to RM5.82 and erased 2.32 points from the KLCI after it was downgraded by UOB Kay Hian Malaysia Research to Sell from Hold as its second quarter earnings disappointed.
KUALA LUMPUR: Blue chips closed lower on Friday as Genting Malaysia came under selling pressure after it was downgraded while IHH Healthcare and Sime Darby also weighed on the FBM KLCI.
Foreign funds were net sellers at RM24.8mil while retail investors and local institutions were net buyers at RM15.5mil and RM9.3mil.
At 5pm, the KLCI was down 6.33 points or 0.36% to 1,769.17. Turnover was two billion shares valued at RM1.93bil. There were 313 gainers, 503 losers and 420 counters unchanged.
The ringgit rose 0.19% to the US dollar at 4.2720 and edged up 0.19% also to the pound sterling to 5.4750 and climbed 0.09% to the Singapore dollar at 3.1407. It gained 0.13% to the euro at 5.0403.
China's stocks jumped to their highest level in almost 20 months on Friday, with financial and resources shares powering the Shanghai index past a key resistance level as investor confidence grows, Reuters reported.
A flurry of stronger-than-expected earnings reports from major Chinese companies in recent days has raised hopes that economic momentum will remain solid through the rest of the year, defying analysts' forecasts for a gradual slowdown.
Oil prices rose on Friday as the US petroleum industry braced for Hurricane Harvey, which may become the biggest storm to hit the US mainland in more than a decade.
Refiners Petron fell 31 sen to RM8.98 and Hengyuan lost 12 sen to RM8.12.
Petronas Gas lost 10 sen to RM18.88, Petronas Chemicals were flat at RM7.18, Petronas Dagangan added four sen to RM24.14.
Genting Malaysia fell 23 sen to RM5.82 and erased 2.32 points from the KLCI after it was downgraded by UOB Kay Hian Malaysia Research to Sell from Hold as its second quarter earnings disappointed.
Genting Bhd
shed four sen to RM9.75. IHH ended lower, down 10 sen to RM5.91 and erased 1.4 points, IJM Corp was 11 sen lower at RM3.35. Power giant Tenaga Nasional edged up two sen to RM14.30.
Among the banks, AmBank continued to lose ground after the failed merger with RHB Bank, shedding nine sen to RM4.43, Hong Leong Bank lost four sen toRM15.46, Maybank eased one sen to RM9.56, CIMB was unchanged at RM6.72 while Public Bank and RHB Bank rose two sen to RM20.58 and RM5.09. HLFG was the top gainer, advancing 24 sent to RM16.94.
Sime Darby fell 10 sen to RM9.13 and erased 1.16 points after its earnings for the fourth quarter ended June 30, 2017 fell 53% to RM571mil from RM1.22bil a year ago mainly owing to impairments of almost RM700mil following a review of its operations.
Crude palm oil for third month delivery fell RM23 to RM2,754 per tonne. IOI Corp lost four sen to RM4.55, PPB Group was unchanged at RM16.70, KL Kepong added four sen to RM24.44.
Southern Steel was among the top losers, with the shares down 20 sen to RM1.93 and the loan stocks LB down 16 sen to RM1.84.
Among the key regional markets,
Japan’s Nikkei 225 rose 0.51% to 19,452.61;
Hong Kong’s Hang Seng Index jumped 1.2% to 27,848.16;
CSI 300 advanced 1.64% to 3,795.75;
Shanghai’s Composite Index surged 1.83% to 3,331.52;
Hang Seng China Enterprise surged 2.15% to 11,288.36;
Taiwan’s Taiex added 0.25% to 10,515.51;
South Korea’s Kospi edged up 0.11% to 2,368.51 and
Singapore’s Straits Times Index fell 0.38% to 3,259.57.
Spot gold rose US$1.20 to US$1,287.59.
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