Blue chips fall on the losses of Genting and Tenaga – Business News

KUALA LUMPUR: The Blue Chips finished Tuesday deeper in the sale of funds from Genting Malaysia (GenM) and Genting Bhd and Tenaga Nasional, while the trade war between the United States and China and the interest rate outlook of the US Federal Reserve have added more gloom.

At 17 hours, the FBM KLCI index had fallen 17.02 points or 1% to 1,684.97. The turnover amounts to 2.18 billion shares worth RM 2.61 billion. The Decliners defeated the defensemen nearly seven-two, or 686 losers against 199 winners, while 322 were unchanged.

In Bursa, GentingM's shocking announcement about a $ 1 billion lawsuit against Walt Disney Co and Twenty-First Century Fox Inc. for the discarded Fox brand theme park the two counters.

GentingM fell from 60 sen to RM3 with 276.3 million shares completed. Genting lost 52 sen at RM6.38 with 21.0 million shares made.

Tenaga dropped 14 Sen at 14.72 and cleared 1.42 and Sime Darby three Sen less at 2.43.

Oil prices plummeted, depressed by record Saudi output even as the kingdom was trying to persuade other exporters to agree to cuts in production before the OPEC meeting next week, Reuters reported.

Brent crude oil fell 70 cents a barrel to 59.78 USD by 08:38 GMT, still above the lows reached for the first 13 months of 58.41 USD hit Friday. US light crude was down 75 cents to 50.88 USD.

Petronas Dagangan fell from 58 Sen to RM27.10 and scored 1.03 points. Dilog lost four sen at RM3.25 but Petronas Gas added six sen at RM18.80 and Petronas Chemical rose slightly to 9.29. Yinson addition of 11 sen to RM4.45.

Sapura Energy was down from 1.5 sen to 34 sen in active trade while Hibiscus gave 3.5 sen to 98.5 sen.

Nestlé was the big loser, down RM3.10 to RM144.50 and lost 1.3 point, BAT lost RM1.24 to RM36.60 but Dutch Lady rose 30 sen at RM63.50.

With regard to the flea actions, KESM fell from 38 sen to 8.50 rand.

Among the banks, Public Bank lost 14 Sen at RMB 24.80, Maybank at RMB 9.440, but Hong Leong and RHB Banks each rose by RMB 20.66 and RMB 25.25, while the CIMB by won two at 5.70 RMB.

As for the telecom operators, Axiata climbed from five sen to RM3.50 and pushed the KLCI by 0.81 points, Maxis lost three sen to RM3.25, Digi four sen to RM4.16 and Telekom seven sen to RM2 .25.

Among the plantations, the PPB group increased from 4 sen to 17 RM, IOI Corp 3 to 4.20 but KL Kepong lost 24 sen to 24.4 and Sime Plantation four to 5.02.