Cautious start for KLCI as Petronas Chemicals weigh

KUALA LUMPUR: Blue chips started Tuesday on a cautious note as some selling of heavyweight Petronas Chemicals weighed on the FBM KLCI though the broader market was slightly firmer in thin trade.

At 9.20am, the KLCI was down 2.52 points or 0.16% to 1,590.41. Turnover was 173.21 million shares valued at RM62.27mil. There were 164 gainers, 121 losers and 202 counters unchanged.

US stock futures gained in early Asian trade after US Treasury Secretary Steven Mnuchin said US-China trade talks will resume in early October while the euro struggled in the wake of dismal European manufacturing and services data, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan barely budged, up just 0.03% while Japan’s Nikkei ticked up 0.1% after a market holiday on Monday. US stock futures gained 0.39%.

At Bursa, Petronas Chemicals fell 10 sen to RM7.44. Consumer stocks BAT lost 18 sen to RM19.24 and Carlsberg 16 sen lower at RM25.16.

G3 lost 10 sen to RM2.70, Kim Hin and Pintaras six sen eachto RM1.10 and RM3.30 while IJM Plantations lost four sen to RM1.51 and Hartalega three sen to RM5.23.

UMW rose nine sen to RM5.06 with 100 shares done while Petronas Gas gained eight sen to RM16.50. PRG added eight sen to RM1.16 in active trade.

FACB Industries rose five sen to RM1.29 and Karambunai-WC jumped 1.5 sen to three sen in active trade.

Tycoon Tan Sri Chen Lip Keong is making another attempt at taking property and tourism company Karambunai Corp Bhd private at a higher offer price.

The doctor-turned-businessman made his offer to buy all Karambunai shares and warrants that he doesn’t own at 11 sen per share and three sen per warrant.

Source: TheStar