FBM KLCI retreats as PETRONAS-linked stocks drag

KUALA LUMPUR: The FBM KLCI slipped on Thursday, weighed down by losses in PETRONAS-linked stocks and cautious sentiment.

The 30-stock index fell 7.04 points, or 0.43% to 1,617.46 after moving between its intraday high of 1,629.26 and low of 1,615.97.

Decliners outpaced advancers, with 655 stocks ending lower while 448 closed higher, giving a market breadth ratio of 0.68 and signalling that the bears maintained the upper hand.

Overall turnover was active, with 4.2 billion shares traded for a value of RM2.83bil.

Dealers said traders continue to adopt a selective approach, adding that the ongoing release of corporate earnings will provide short-term trading opportunities.

Decliners included Nestlé, which slid 80 sen to RM109, PETRONAS Dagangan, which fell 70 sen to RM20.12, PETRONAS Gas, which lost 42 sen to RM17.86, and Kuala Lumpur Kepong, which declined 40 sen to RM20.20.

Among the gainers, F&N surged RM1.16 to RM34.76, Dutch Lady jumped 86 sen to RM30, Time Dotcom rose 47 sen to RM5.24 and BLD Plantation climbed 30 sen to RM14.90.

On the forex market, the ringgit strengthened 0.12% against the US dollar to 4.1322 and inched up 0.12% against the Singapore dollar to 3.1820.

MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1%, with most regional markets finishing higher.

Japan’s Nikkei 225 gained 1.23% to 50,167.10, closing above the key 50,000 mark for the first time since 17 November.

Hong Kong’s Hang Seng Index added 0.07% to 25,945.93, while South Korea’s Kospi rose 0.66% to 3,986.91 and Singapore’s Straits Times Index edged up 0.17% to 4,509.34.

In China, the CSI300 slipped 0.5% to 4,515.40, while the Shanghai Composite advanced 0.3% to 3,875.26.