KUALA LUMPUR: The FBM KLCI dipped into the red after spending the early morning session in positive territory.
The local index has lagged behind other regional markets over recent weeks, as key Asian indexes held on to gains and moved further to new highs.
At 12.30pm, the FBM KLCI was down 1.19 points at 1,740.28 points. Turnover was 1.23 billion shares with a value of RM770.94mil. Decliners beat advancers 380 to 234 and 498 counters were unchanged.
Among the heavyweights, Petronas Gas dipped 14 sen to RM18.06 and shaved 0.455 points off the index, while MISC fell six sen to RM7.08 to bring the KLCI 0.4399 points lower.
British American Tobacco
dipped on Tuesday following disappointing third quarter financial results. The cigarette manufacturer attributed the decline in revenue and profits to the growing illicit cigarette market and the low price cigarette segment. At midday break, BAT was down 56 sen to RM42.04.
Other Petronas-related counters fared better, with Petronas Dagangan trading 12 sen higher at RM24.10 and Petronas Chemicals inching up one sen to RM7.51.
Financial stocks were mostly higher with Maybank rising one sen to RM9.25, RHB gaining four sen to RM5.02, Hong Leong Bank adding two sen to RM16.12 and Ambank putting on two sen to RM4.40. CIMB was unchanged at RM6.18, Hong Leong Finance was unchanged at RM16.90 and Public Bank lost two sen to RM20.44.
In plantations, IOI added one sen to RM4.44 and KL Kepong put on four sen to RM24.44 while PPB dipped two sen to RM16.70 and Sime Darby was unchanged at RM9.11.
On the wider market, Denko was one of the big gainers in Tuesday trade as it jumped 28 sen to a multi-year high of RM1.56 on news that controlling shareholder Datuk Seri Foo Chee Juan plans to inject his privately owned plastic injection moulding firm into Denki for an indicative price of RM1.19bil.
Other gainers included Globetronics Technology, which rose 18 sen to RM6.38 and Petron Malaysia, which added 10 sen to RM11.72.
Among the decliners, Top Glove saw some profit taking on Tuesday after surging about 16% over the last week. It dropped 12 sen to RM6.56.
Kluang Rubber Co shaved 24 sen to RM3.46 and United Plantations slipped 20 sen to RM27.
Oil prices rose slightly as exports from Southern Iraq dropped, adding to the shortfall from the Northern Kirkuk fields when Iraq forces retook control from Kurdish fighters, Reuters reported.
Us light crude rose eight cents to US$51.98 a barrel while Brent Crude added nine cents to US$57.46 a barrel.
The ringgit strengthened 0.08% against the greenback at 4.2338. It moved 0.29% lower against the pound sterling at 5.5971 and weakened 0.18% against the Singapore dollar at 3.1138
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