KLCI loses 0.83% as index heavyweights fall, Hartalega overtakes TNB in market cap

KLCI loses 0.83% as index heavyweights fall, Hartalega overtakes TNB in market cap
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KUALA LUMPUR (Oct 12): The main index of Bursa Malaysia lost 0.83% in the mid-morning today, as index-linked heavyweights fell, against a backdrop of mixed regional markets.

Meanwhile, glove maker Hartalega Holdings Bhd overtook Tenaga Nasional Bhd (TNB) in market capitalisation.

Hartalega’s market cap was RM58.82 billion versus TNB’s RM58.64 billion.

At 10am, the FBM KLCI had fallen 12.62 points to 1,517.73.

Losers led gainers by 372 to 353, while 364 counters traded unchanged. Trading volume was 1.84 billion shares valued at RM695.43 million.

The top losers included Nestle (Malaysia) Bhd, Hong Leong Financial Group Bhd, Hartalega, G3 Global Bhd, Fraser & Neave Holdings Bhd (F&N), Public Bank Bhd, PPB Group Bhd and TNB.

The actively traded stocks included Advance Synergy Bhd, XOX Bhd, Nexgram Holdings Bhd, Parkson Holdings Bhd, Sapura Energy Bhd and JCY International Bhd.

The gainers included Pharmaniaga Bhd, Duopharma Biotech Bhd, KESM Industries Bhd, Genting Plantations Bhd, United Plantations Bhd, Astino Bhd, Kossan Rubber Industries Bhd and Amway (Malaysia) Holdings Bhd.

Bloomberg said the offshore yuan fell in early trading after Chinese policymakers acted to restrain its strength by making it easier to bet against. Stocks began the week in mixed fashion.

Shares dipped in Japan, were little changed in Australia and edged higher in South Korea. Crude oil declined and gold was steady. Treasuries won’t trade today due to a US holiday, it said.

Rakuten Trade said Wall Street ended the past week higher as the US stimulus package seemed to be closer to a conclusion.

It said the Dow Jones Industrial Average gained 161 points to inch closer to the 29,000 mark with the Nasdaq (up 159 points) attempting to challenge the 12,000 mark again.

“As such, we expect regional markets to be steadier today after a rather solid last week.

“Locally, the KLCI, which added a cumulative 30 points last week, is seen to chart higher today with 1,540 as the immediate resistance level,” it said.