GentingM, Genting tumble sends KLCI below 1,700

KUALA LUMPUR: Blue chips fell early Tuesday, weighed down by negative news about the weaker corporate results and especially the US$1bil by Genting Malaysia against Walt Disney Co and Twenty-First Century Fox Inc.

At 9.24am, the FBM KLCI was down 10.18 points or 0.6% to 1,691.81. Turnover was 309.33 million shares valued at RM348.32mil. There were 109 gainers, 251 losers and 192 counters unchanged.

Genting Malaysia fell 48 sen to RM3.12 with 74.86 million shares done while Genting lost 35 sen to RM6.55. The short-selling activities for Genting Malaysia were suspended.

Walt Disney Co and Twenty-First Century Fox Inc were sued for more than US$1bil on Monday by casino operator Genting Malaysia Bhd, which accused them of abandoning a contract related to its planned construction of the first Fox-branded theme park.

Pos Malaysia continued its trek south, falling 14 sen to RM2.24 after posting net losses.

Public Bank fell 10 sen to RM24.24.84 while Only World Group was down nine sen to 53 sen and IJM Corp seven sen lower at RM1.75.

Hong Leong Industries gained 12 sen to RM10.60, Petronas Chemical added nine sen to RM9.36 and Takaful eight sen to RM3.80 while Tong Herr advanced six sen to RM3.96.

Plantations climbed on biodiesel hopes, with KL Kepong up eight sen to RM24.76, United Plantations six sen to RM26.98 and PPB Group also six sen higher at RM17.02.

On the external front, Reuters reported Asian shares battled to extend a global rebound after U.S. President Donald Trump seemed to quash hopes of a trade truce with China, dampening risk appetite across the region.

Japan’s Nikkei managed to edge up 0.4%, but MSCI’s broadest index of Asia-Pacific shares outside Japan was all but flat.

E-Mini futures for the S&P 500 eased back 0.35%, after rising sharply overnight.

Source: TheStar