KUALA LUMPUR: Blue chips plunged early Monday as geopolitical stresses weighed on speculators’ hazard hunger with benefit taking seen in Petronas Chemicals however SP Setia ascended in dynamic exchange taking after its multi-billion-ringgit corporate exercise. – Best stock picks for klse
At 9.21am (Best stock picks for klse),
The FBM KLCI fell 0.31 indicate or 0.02% 1,730.68. Turnover was 342.55 million shares esteemed at RM92.63mil. There were 236 gainers, 153 failures and 235 counters unaltered.
Hong Leong Investment Bank (HLIB) Research said,
in accordance with the waiting geopolitical butterflies and continuous KLCI specialized pullback, this could recommend the four-month old uptrend since hitting a pinnacle of 1,759 on March 29 could be at its last part. Best stock picks for klse
“Thus, the file is conceived to stay in combination mode for some time until geopolitical hotspots disperse. Despite the fact that instability stays, firmer Ringgit (versus US$) and oil costs will paid any substantial selldown,” it said.
Unrefined petroleum prospects fell somewhat in calm exchanging on Monday
following a three-day Easter break, as financial specialists processed a third successive week after week pick up in costs alongside North Korea’s fizzled rocket dispatch on Sunday, Reuters detailed.
Brent rough fates were down 18 pennies to US$55.71 at 0047 GMT. US West Texas Intermediate unrefined fates were likewise down 18 pennies at US$53.
Gold costs hit a five-month high on Monday as the dollar debilitated.
Spot gold had risen 0.7 percent to US$1,293.90 per ounce by 0030 GMT, in the wake of hitting their most astounding since early November at US$1,295.42
Among the KLCI stocks, Petronas Chemicals fell seven sen to RM7.53 in thin exchange while IHH was down four sen to RM6. – Best stock picks for klse
Batu Kawan, HCK Capital, and MPI fell 10 sen each to RM19.20, RM5.30 and RM10.70 separately while Sunway lost four sen to RM6.
Among the shopper stocks, Dutch Lady lost four sen to RM56.62, however, Nestle hopped RM1.64 to RM81.89 and BAT was 30 sen higher at RM47.10.
SP Setia added 15 sen to RM3.70 however off the prior high of RM3.77 and financial specialists were certain about the proposed corporate exercise to obtain I&P Group and grow its territory bank.
JHM Consolidation added 15 sen to RM3.86 in rising volume again whose net benefit about tripled in 2016, sees its expansion into the aviation area proving to be fruitful. – Best stock picks for klse
With its new aviation light-producing diode (LED) lighting business section anticipated that would help the gathering support its twofold digit income development for the second year in succession for FY17.
JHM official director and MD Datuk Tan King Seng was cited saying the ACE Market-recorded organization anticipates that net benefit will come in above RM20mil over the two years, along these lines qualifying it for a Main Market posting by FY18.
Ann Joo added 10 sen to RM2.79,
Hai-O nine sen to RM3.63 and Superlon eight sen up at RM3.40. KL Kepong added eight sen to RM23.90.