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Monday, July 31, 2017

Market Daily Report: FBM KLCI falls with Public Bank as Lotte tops Bursa decliners

KUALA LUMPUR (July 31): The FBM KLCI fell 7.05 points or 0.4% mainly on last-minute selling of index-linked Public Bank Bhd shares and after Lotte Chemical Titan Holding Bhd announced a year-on-year drop in its second quarter net profit.

Public Bank shares fell on news founder and chairman Tan Sri Dr Teh Hong Piow "wishes to relinquish his position as chairman" on Jan 1, 2019. Public Bank said this in a statement to Bursa Malaysia today.

Lotte Chemical Titan shares declined after the company said net profit dropped to RM113.62 million in the second quarter ended June 30, 2017 (2QFY17)from RM404.03 million.

At 5pm today, the KLCI closed at 1,760.03 points while Public Bank shares fell 26 sen to RM20.28. Lotte Chemical Titan dropped RM1.43 to RM4.70.

Lotte Chemical Titan and Public Bank were the top and third-largest decliners across Bursa Malaysia respectively. Lotte Chemical Titan was also the seventh most-active stock.

Inter-Pacific Research Sdn Bhd research head Pong Teng Siew said Lotte Chemical Titan's 2QFY17 financial results had dampened broader market sentiment.

"Lotte accounted for the steep drop in the KCLI’s performance after the midday break, shortly after Lotte announced its financial results,” Pong told theedgemarkets.

Across Bursa Malaysia, 1.94 billion shares valued at RM2.58 billion were traded.
There were 300 gainers and 534 decliners.

Source: The Edge

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