Petronas Chemicals down after Citi lowers rating to sell

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KUALA LUMPUR (July 18): Petronas Chemicals Group Bhd shares fell 3.66 percent, after Citi downgraded the stock to sell from neutral. The broker also cut the stock’s price target to RM7.20 from RM9. 

Market Metrics

* Shares declined to RM7.63, lower than any close since December 2017, from RM7.92 in the previous session.

* Trading volume was more than triple the 20-day average.

* The FTSE Bursa Malaysia KLCI Index - Kuala Lumpur Composite Index lost 0.1 percent, and the MSCI AC Asia Pacific Index fell 0.6 percent.

* The relative strength index on the stock was below 30, indicating it may be oversold.