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KLCI Skids Early Friday, Banks And Tenaga Down, Ringgit Weak

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KUALA LUMPUR: Malaysia’s stock market fell early Friday, weighed by losses in banks, Petronas stocks and also Tenaga Nasional with more downside pressure seen as the ringgit weakened.

At 9.15am, the FBM KLCI was down 18.35 points or 1.11% to 1,634.39. Turnover was 197.11 million shares valued at RM113.48mil. There were 120 losers and 244 gainers.
Ringgit fell to a low of 4.2980 earlier Friday against the US dollar — worst since Jan 26 this year — before steadying at 4.2670.

Analysts said the reasons were due to the effect of the Donald Trump victory in the US presidential poll, a firmer US economy which could see an interest rate hike and domestic overhanging issues.

Malaysia is due to announce its third quarter GDP data later this afternoon while the industrial production index will be released at midday.

Reuters reported Asian shares dipped while the dollar strengthened broadly on Friday as US bond yields soared on expectations US President-elect Donald Trump’s policies would stoke inflation.

Markets are also expecting the US Federal Reserve to go ahead with a rate hike in December, given signs of stability in the US share markets, the report said.

BAT fell the most, down 80 sen to RM45.62 with 19,400 shares done while F&N lost 26 sen to RM24.10.

Petronas Gas lost 26 sen to RM21.58 and Petronas Dagangan fell 22 sen to RM23.24.

As for banks, Public Bank lost 24 sen to RM19.54 and Hong Leong Bank 22 sen lower at RM12.92 and HLFG 18 sen to RM15.04.

Power giant Tenaga Nasional gave up 14 sen to RM14.14.

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