Weak start for KLCI early Friday, Digi and GentingM slip

Weak start for KLCI early Friday, Digi and GentingM slip

: Blue chips fell early Friday, extending their losses from the previous day, with now Digi under some pressure while Genting slumped on weaker earnings.

At 9.18am, the KLCI was down 2.42 points or 0.14% to 1,718.85. Turnover was 221.62 million shares valued at RM130.64mil. There were 183 gainers, 176 losers and 198 counters unchanged.

US crude oil hit fresh two-year highs on Friday, as the shutdown of a major crude pipeline from Canada to the United States tightened North American markets, Reuters reported.

US West Texas Intermediate (WTI) crude futures advanced 35 cents to US$58.37 a barrel at 0100 GMT while crude futures dipped 20 cents to US$63.35.

Asian shares hovered below their 10-year peak on Friday while investors viewed shares with caution after their big fall the previous day, Reuters said.

MSCI’s broadest index of Asia- shares outside Japan ticked down 0.1% in early trade, led by a 0.3% fall in Australian shares. Japan’s Nikkei fell 0.6% after a market holiday on Thursday while futures were little changed after shortened trading on Thursday.

At Bursa, KESM tumbled RM1.60 to RM18.80 with 34,200 shares done. Bintulu Port lost  23 sen to RM5.77, Kossan 16 sen to RM7.97, Heavea and Lion Industries 12 sen lower to RM1.34 and RM1.49.

Among the KLCI stocks, Digi lost 16 sen to RM4.51 and GentingM 10 sen to RM5.

AirAsia X fell 2.5 sen to 35.5 sen with 23.6 million shares done. CIMB Research maintained its Reduce call as AAX’s valuations remain unattractive.

“With a low single-digit core airline net profit margin, earnings risks remain high,” it said.

Ajinomoto rose 56 sen to RM19.16, Lii Hen 23 sen to RM3.83, Petron 20 sen to RM12.56m Masteel 18 sen to RM1.50.

Top Glove added 16 sen to RM6.86, SAM Engineering and Hartalega 15 sen each to RM7.70 and RM9.65 while Uchitech gained 11 sen to RM3.25.

Source: The Star

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