KLCI extends losses, Petronas Chemicals weighs



-A +A

KUALA LUMPUR (Nov 14): The FBM KLCI ended lower, weighed down mainly by Petronas Chemicals Group Bhd shares, which shed about 7% today.

At the 5pm closing bell, the KLCI fell 2.02 points or 0.1% to 1,813.79 points. The drop also came on losses in stocks such as Kuala Lumpur Kepong Bhd and Petronas Dagangan amid lower crude oil prices.

Areca Capital CEO Danny Wong told theedgemarkets.com that the "KLCI was mainly dragged down by Petronas Chemicals."

“The market is still cautious. We think the index should hover around this range next week,” Wong said over the telephone.

Earlier today, TA Securities Holdings Bhd wrote in a note that stocks were likely to drift sideways pending catalysts to break from the current consolidation.

TA said immediate support for the KLCI remained at the 1,800-point level.

Across Bursa Malaysia, 1.65 billion shares worth RM1.6 billion were traded. Market gainers trailed decliners by 235 versus 548 while 315 counters were unchanged.

The top gainer was British American Tobacco (M) Bhd while the leading decliner was Dutch Lady Milk Industries Bhd.

Petronas Chemicals, which was the second largest decliner, fell 40 sen to close at RM5.45.

The most-active counter included Efficient E-Solutions Bhd and SapuraKencana Petroleum Bhd.

Across Asia, Shanghai Composite ended 0.27% lower, but Hong Kong’s Hang Seng rose 0.28%

Japan’s Nikkei 225 was up 0.56%, but South Korea’s Kospi fell 0.78%.

Asian stocks fell on Friday following fresh signs of slowing Chinese growth, with energy stocks depressed across the region as crude oil hovered near a four-year low in an oversupplied market, according to Reuters.

China's economy lost further momentum in October, with factory growth dipping and investment growth hitting a near 13-year low.

Brent crude held near a four-year low just above US$77 a barrel on Friday amid concerns over excess supply and uncertainty over whether the Organisation of the Petroleum Exporting Countries would cut output at a meeting in two weeks.