KLCI cuts losses on IHH spike as telcos weigh down index

KLCI cuts losses on IHH spike as telcos weigh down index
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KUALA LUMPUR (Oct 11): The FBM KLCI cut losses for a 3.92-point or 0.2% drop after index-linked IHH Healthcare Bhd's share price spiked in the final trading minutes.

At 5pm, the KLCI closed at 1,757.21 points while IHH rose 20 sen to RM5.91. IHH was Bursa Malaysia's third-largest gainer.

Earlier, telecommunication companies' (telco) shares weighed down the KLCI.

Besides telco stocks Axiata Bhd, Digi.Com Bhd, Maxis Bhd and Telekom Malaysia Bhd, shares of Genting Bhd and Genting Malaysia Bhd also contributed to KLCI's loss.

“There is concern that valuations are still running ahead of earnings as share prices have already run up a fair bit,” Areca Capital Sdn Bhd CEO Danny Wong said.

At 5pm, Genting Bhd shares fell 13 sen to close at RM9.50, Genting Malaysia dropped nine sen to RM5.27 while Digi was 10 sen lower at RM4.88.
Genting Bhd and Genting Malaysia were Bursa Malaysia's second and seventh largest decliners respectively. Digi was the fifth-largest decliner.

Across Bursa Malaysia, 3.18 billion shares were traded for RM2.31 billion. Gainers outpaced decliners at 395 and 384 respectively.

Most active was Key Asic Bhd with some 249 million shares transacted. The stock rose 10.5 sen to close at 27 sen.