Malaysia’s benchmark index retreated as profit-taking in key heavyweights weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI : 1,684.93 (-0.83%) FBM Mid 70: -0.00% (flat) FBM Small Cap: -0.23% FBM ACE: +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume: 3.54 billion shares Total value: RM4.19 billion Gainers: 456 Losers: 678 Unchanged: 550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY) +1.54% Petronas Gas (6033.MY) +1.18% Sunway (5211.MY) +1.15% Losers Hong Leong Bank (5819.MY) -3.29% Maybank (1155.MY) -3.02% CIMB (1023.MY) -2.47% Banking sector weakness was the main ...
KUALA LUMPUR (Feb 26): The FBM KLCI closed 5.69 points or 0.38% lower today at 1,495.19, mainly on Petronas Chemicals Group Bhd's share price slump as investors evaluated Malaysia's corporate financial results during the current reporting season.
Malaysian share trade, which tracked Asian equity losses on persisting Covid-19 concerns, also appeared to have taken cue from interim Prime Minister Tun Dr Mahathir Mohamad's televised address at 4.45pm today when the KLCI rose before closing down at 5pm.
It was reported that Malaysia is facing an unprecedented politicial situation following Dr Mahathir's surprise resignation as its seventh Prime Minister on Monday (Feb 24), and the exit of his political party, Parti Pribumi Bersatu Malaysia, from the Pakatan Harapan coalition. The Yang di-Pertuan Agong had appointed Dr Mahathir as interim Prime Minister, following the resignation.
Today, Hong Leong Investment Bank Bhd head of retail research Loui Low told theedgemarkets.com that “investors need more clarity on the (Malaysian) political developments”.
Petronas Chemicals topped KLCI decliners, in percentage terms, afer
the stock closed down 55 sen or 8.59% at RM5.85 following the company's
profit drop announcement.
Hap Seng Consolidated Bhd was the second largest-decliner after the stock fell 18 sen or 1.96% to RM9. Public Bank Bhd declined 32 sen or 1.83% to RM17.20.
Petronas Chemicals said today fourth quarter net profit fell 66.34% year-on-year (yoy) to RM340 million from RM1.901 billion. In a statement to Bursa today, Petronas Chemicals said revenue fell to RM4.23 billion in the fourth quarter ended Dec 31, 2019 (4QFY19) from RM5.06 billion.
For the full year, Petronas Chemicals said cumulative FY19 net profit dropped to RM2.81 billion from RM4.79 billion a year earlier while revenue was lower at RM16.37 billion versus RM19.58 billion.
Dr Mahathir's televised address shortly before market close appeared to have generated optimism among investors when the KLCI rose in apparent reaction to his remarks.
Reuters reported that Mahathir said on Wednesday he would return as full-time premier if he had the support of Parliament and that he wanted to form a government that is not aligned with any political party. It was reported that he also apologised for the political turmoil in the country following his unexpected resignation on Monday.
Source: The Edge
Hap Seng Consolidated Bhd was the second largest-decliner after the stock fell 18 sen or 1.96% to RM9. Public Bank Bhd declined 32 sen or 1.83% to RM17.20.
Petronas Chemicals said today fourth quarter net profit fell 66.34% year-on-year (yoy) to RM340 million from RM1.901 billion. In a statement to Bursa today, Petronas Chemicals said revenue fell to RM4.23 billion in the fourth quarter ended Dec 31, 2019 (4QFY19) from RM5.06 billion.
For the full year, Petronas Chemicals said cumulative FY19 net profit dropped to RM2.81 billion from RM4.79 billion a year earlier while revenue was lower at RM16.37 billion versus RM19.58 billion.
Dr Mahathir's televised address shortly before market close appeared to have generated optimism among investors when the KLCI rose in apparent reaction to his remarks.
Reuters reported that Mahathir said on Wednesday he would return as full-time premier if he had the support of Parliament and that he wanted to form a government that is not aligned with any political party. It was reported that he also apologised for the political turmoil in the country following his unexpected resignation on Monday.
Source: The Edge
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