KUALA LUMPUR: Selling of IOI Corp accelerated towards the midday break on July 24 as investors showed their displeasure over more rights issues while profit taking on Tenaga and Public Bank foreign weighed on the FBM KLCI.
Litrak fell the most as investors were quick to lock in gains from the surge previous day, in the absence of any new corporate developments after the speculation of dividends payout.
At 12.30pm, the FBM KLCI fell 0.34 point to 1,151.81. Turnover was 596.72 million shares valued at RM770.69 million. There were 281 gainers versus 217 losers and 262 stocks unchanged, showing that the broader market was still firm.
Among key Asian markets, Hong Kong's Hang Seng Index rose 0.5% to 19,909.95, off its early highs when it surged past the 20,000 level. The Nikkei 225 rose 0.89% to 9,880.39, Shanghai's Composite Index 1.4% to 3,375.16 and Singapore's Straits Times Index added 1.19% to 2,514.43.
Light crude oil fell 35 cents to US$66.81 and crude palm oil futures RM13 lower at RM2,087.
Maybank Investment Bank head of retail research Lee Cheng Hooi said the market was able to absorb the bad news and any fall in share prices would present buying opportunities for investors.
Lee said local funds were in the market to pick up blue chips.
Litrak fell 60 sen to RM2.58 with 415,300 shares done. Public Bank foreign 30 sen to RM10, DiGi and Parkson 20 sen each to RM22 and RM5.45.
Tenaga fell 15 sen to RM8.05 after it failed in its High Court appeal to set aside an arbitration sum amounting to RM113 million, which was awarded to Irham Niaga Sdn Bhd and Irham Niaga Logistics Sdn Bhd.
Analysts reiterated its Hold call on Tenaga with an unchanged discounted cash flow-based fair value of RM8.30 per share.
"We remain neutral on Tenaga due to ucertainty of a tariff adjustment towards year-end; and lagging effect from rising costs of coal as tariffs are adjusted on a semi-annual basis," said AmResearch.
KNM was the most active with 45.6 million shares done, rising one sen to 87 sen.
Nestle and BAT added 25 sen to RM31.50 and RM45, Bursa 15 sen to RM7.55 while Genting gained 15 sen to RM6.40.