Public Bank and Petronas Chemicals slip in early trade

KUALA LUMPUR, Nov 12 – Profit taking on Public Bank and Petronas Chemical pushed the FBM KLCI into the red early Monday, mirroring the cautious key Asian markets.

At 9.22am, the KLCI was down 3.16 points or 0.19% to 1,704.93. Turnover was 208.47 million shares valued at RM103.67mil. There were 122 gainers, 135 losers and 177 counters unchanged.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.17% in early trade. Australian shares were down 0.08%, while Japan’s Nikkei stock index eased 0.12%, Reuters reported.

Brent crude oil futures rose 93 cents to US$71.11 per barrel and US light crude oil added 54 cents to US$60.73 after Saudi Arabia announced a cut in supply for December.

The dollar built on last week’s gains and rose towards as 16-month high on Monday as traders expect the US Federal Reserve to keep tightening monetary policy.

The Fed has reaffirmed its plan to raise interest rates by 25 basis points in December, followed by two more potential rate hikes by mid-2019 on the back of an upbeat economy and rising wage pressures.

At Bursa, Public Bank fell 20 sen to RM24.50 and LPI lost 30 sen to RM16.30. Petronas Chemical lost 13 sen to RM9.46 and Bursa nine sen to RM7.31.

Padini was down 20 sen to RM5.52, Bursa and QL Resources nine sen lower at RM7.31 and RM7.26 while Globetronics and Westports fell seven sen each to RM2.21 and RM3.70.