KLCI extends slide as bearish mood continues in global equities

KUALA LUMPUR: The bearish mood continued in global equities as China’s October industrial production recorded sharply slower 4.7% growth year-on-year.

On the local market, the FBM KLCI experienced volatile trading in the morning session although much of it was spent in the red.

At midday, the index was down 2.63 points to 1,594.59, extending the fall from the previous session as the positive chatter over the Sino-US trade war subsided into caution.

Trading volume was 1.12 billion shares valued at RM690.77mil. There were 341 decliners versus 273 gainers and 392 counters unchanged.

Petronas Gas slipped 32 sen to RM16.48 even as Petronas Chemicals stabilised after yesterday’s steep losses following a disappointing third-quarter earnings result.

Other heavyweights dragging on the market included Axiata down five sen to RM4.28, Tenaga Nasional falling six sen to RM13.72 and Public Bank shaving six sen to RM19.90.

Genting stocks made advances with Genting Malaysia up six sen to RM3.21 and its parent Genting rising 11 sen to RM6.13.

Glove manufacturers were also positive with Hartalega gaining four sen to RM5.32 and Top Glove adding three sen to RM4.48.

SAPURA ENERGY and Netx remained among the top traded counters on the stock exchange, ending flat at 29 sen and two sen respectively. XOX was also seeing active interest, unchanged at 4.5 sen.

Oil prices rose on Thursday on comments from OPEC over lower-than-expected US shale produciton growth in 2020.

US crude rose 34 cents to US$57.46 a barrel and Brent crude rose three cents to US$62.67 a barrel.

In currency markets, the ringgit was 0.1% lower against the greenback at 4.1570. It was flat against the pound sterling at 5.3363 and 0.1% weaker aginst the Singapore dollar at 3.0488.

Source: TheStar