Genting stocks, Public Bank weigh on KLCI

KUALA LUMPUR: Genting Malaysia, Genting Bhd and Public Bank fell in early Wednesday trade and their losses weighed on the FBM KLCI despite the steadier key Asian markets after the overnight rebound on Wall Street.

At 9.20am, the KLCI was down 4.29 points or 0.27% to 1, 607.50. Turnover was 332.90 million shares valued at RM377.46mil. There were 142 gainers, 178 losers and 221 counters unchanged.

Asian shares steadied slightly as investors caught their breath from a searing week-long selloff, with steps taken by Chinese authorities to contain a sliding yuan helping calm fears of a full-blown US-China trade and currency war, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.05% in early trade after tumbling 8.26% in the previous eight sessions. Japan’s Nikkei bucked the trend to slip 0.26%.

On Wall Street on Tuesday, the S&P 500 gained 1.30% and MSCI’s broad gauge of stocks across the world rose 0.50%, its first gain in seven sessions.

At Bursa, investors sold down GentingM shares as Maybank Investment Bank Research views Empire Resorts fundamentals as wanting.

GentingM will privatise the currently loss making Empire Resorts with Kien Huat Realty, which is controlled by the Lim family.

GentingM fell 32 sen to RM3.29 and it was the most active with 90.63 million shares done. Genting fell 14 sen to RM6.51. GentingM-C50 lost 6.5 sen to 11.5 sen.

Public Bank fell 20 sen to RM21.40 and Hong Leong Bank eight sen to RM17.34. Both stocks have come under sustained selling pressure in recent weeks.

Hartalega lost 11 sen to RM4.94 while SCIM lost seven sen to 98 sen.

Consumer stocks fared better as Nestle added 60 sen to RM147.90, F&N 40 sen to RM34.30, , BAT 20 sen to RM22.70 and Heineken 10 sen to RM22.74.

PPB Group rose 16 sen to RM18.74 and SAM Engineering 11 sen to RM8.29 in thin trade while Paramounf added eight sen to RM1.51.

Source: TheStar