KUALA LUMPUR: Bursa Malaysia was the weakest performer among the key Asian market at midday on Tuesday, with the FBM KLCI down nearly 10 points, weighed by losses in telco stocks while Press Metal
came under pressure again.
At 12.30pm, the KLCI was down 9.76 points or 0.52% to 1,870.6. Turnover was 1.01 billion shares valued at RM913.88mil. Decliners beat advancers nearly three to one. There were 514 losers, 186 gainers and 361 counters unchanged.
Asian stocks bounced from near two-week lows as investors paused for breath following the heavy selling of recent sessions and waited to see if the dollar's rally was sustainable, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan was 0.2% higher, having hit its lowest level since April 9 following two straight days of declines. Japan's Nikkei rose 0.7%, helped by a decline yen which supports exporting firms.
Chinese shares climbed about 2%, while Hong Kong's Hang Seng index added 1%.
The ringgit fell 0.26% to the US dollar at 3.9078.
Axiata fell 11 sen to RM5.34 and erased 1.62 points from the KLCI while Maxis was down 12 sen to RM5.77 and wiped out 1.53 points. Telekom lost 12 sen also to RM5.25. However, Digi added three sen to RM4.52.
Among the banks, Maybank rose four sen to RM10.66 but Public Bank lost eight sen to RM24.22, RHB Bank four sen lower to RM5.32, CIMB eased one sen to RM7.23.
Sime Darby lost nine sen to RM2.69, Sime Darby Plantation three sen lower to RM5.54.
Crude palm oil for third month delivery fell RM4 to RM2,404 per tonne. KL Kepong and PPB Group were flat at RM25.52 and RM19.10 while IOI Corp shed one sen to RM4.77.
US light crude oil rose 25 cents to US$68.89 and Brent climbed 21 cents to US$74.92. However, the rallly failed to lift the oil stocks as Petronas Dagangan fell 28 sen to RM27.22 and Petronas Gas 12 sen lower at RM18.10 but Petronas Chemicals added two sen to RM8.48.
Glove makers also came under pressure with Top Glove sliding 50 sen to RM9.50 and Hartalega 19 sen lower to RM5.81.
The tumble in aluminium prices saw Press Metal-WC sliding 53 sen to RM4.28, PMetal 36 sen lower at RM4.74 while PMB Tech lost 16 sen to RM4.25.
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