KLCI down as Petronas-linked stocks, Tenaga weigh

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KUALA LUMPUR (May 19): The FBM KLCI remained in negative territory at mid-morning today weighed by losses including at Petronas-linked stocks and Tenaga Nasional Bhd.

At 10am, the FBM KLCI lost 6.23 points to 1,817.27.

The top losers included Petronas Gas, Tenaga Nasional Bhd, UMW Holdings Bhd, Panasonic Manufacturing Malaysia Bhd, Aeon Credit Services (M) Bhd, Tasco Bhd, Inari Ametron Bhd, Petronas Chemicals Group Bhd, Only World Group Holdings Bhd and RHB Capital Bhd.

The actives included Frontken Corpoiration Bhd, Zelan Bhd, Malakoff Corporation Bhd, Kanger International Bhd, Wintoni Group Bhd, Privasia Technology Bhd and Vsolar Group Bhd.

Meanwhile, the gainers included V.S. Industry Bhd, Mitrajaya Holdings Bhd, Hong Leong Financial Group Bhd, Ipmuda Bhd, YSP Southeast Asia Holdings Bhd,Sarawak Oil Palms Bhhd and Berjaya Auto Bhd.

Asian shares edged down on Tuesday as worries over Greece's fiscal woes took some of the shine off Wall Street's record close, helping steer the dollar higher and undermining the euro, according to Reuters.

Fears of a Greek bankruptcy persisted even as the country's finance minister said on Monday that it was close to a deal with its lenders that would help it meet debt repayments next month, it said.

BIMB Securities Research said that in Asia, key indexes closed mostly higher yesterday as investors looked ahead to U.S. housing data and minutes of the Federal Reserve’s April meeting due this week.

The research house said the Nikkei 225 added 0.3% on weaker yen. Meanwhile Hong Kong closed negative on profit taking.

Back home, it said the FBM KLCI Index traded sideways throughout the session, however the last minute rally sent the index to end 11.58 points higher, closing at 1,823.50 lifted by O&G and power counters.

“Trading participation saw net selling by local retail while local and foreign institutions were net buyers.

“We expect the index to remain positive today as we still maintain our 2015 target at 1,850 for now, driven by strong buying interest from foreign investors. Expect to see immediate resistance at 1,830,” it said.