Blue chips holding steady, eye on Asian markets

KUALA LUMPUR: Blue chips were holding steady in early Friday trade, despite slight slight declines in MAHB and Tenaga Nasional, as investors sought for directions from the firmer key Asian markets and support from institutional players.

However, strong buying by foreign buyers on Thursday could bolster sentiment.

At 9.11am, the KLCI was down 0.65 of a point or 0.04% to 1,573.85. Turnover was 252.66 million shares valued at RM105.74mil. There were 151 gainers, 122 losers and 196 counters unchanged.

Asian stocks headed for their highest close since July after US shares edged closer to a record. The dollar traded near its weakest since before August’s trade-war turmoil amid diminishing demand for havens, Bloomberg reported.

Japan’s Nikkei 225 was up 0.46% and South Korea’s Kospi added 0.17%. Australia’s S&P/ASX 200 fell 0.58%.

At Bursa, foreign funds were net buyers at RM107.9mil and local retailers at RM15.4mil but local institutions were net sellers at RM123.3mil.

MAHB extended its fall, down 44 sen to RM7.60, Tenaga shed eight sen to RM13.68 in thin trade while KL Kepong lost four sen to RM21.58.

BAT lost 18 sen to RM19.52 as investors took profit for the second day after the rally, Heineken lost 14 sen to RM25.10 and Carlsberg 12 sen to RM26.84.

MyEG continued to come under selling pressure for the second day, down seven sen to RM1.18.

Petronas Dagangan was the top gainer, up 18 sen to RM23.48, CanOne 13 sen to RM3.38, Guan Chong 10 sen to RM4.88 while Public Bank and Magni-Tech gained six sen each to RM19.34 and RM2.54.

Among the chip makers, Unisem rose 11 sen to RM3.38 and MPI eight sen to RM10.48.

Source: TheStar