KUALA LUMPUR: Bank stocks continued to weigh on the KLCI at midday Tuesday while plantation stocks were up on higher crude palm oil (CPO) prices.
In the region, regional indices were mixed, with selective buying of stocks after yesterday’s declines.
According to AmResearch Sdn Bhd senior analyst Fiona Leong in a report, bank stocks would trade in a narrow band as, being a close proxy of the economy, it would not be spared from negative news flows.
At 12.30pm, the KLCI was down 0.74% to 851.90 while Singapore’s Straits Times Index was up 0.93% to 1,470.48.
Tokyo’s Nikkei 225 dropped 0.46% to 7,053.30 while Hong Kong’s Hang Seng index advanced 3.11% to 11,697.94.
Shanghai’s A share index was 0.52% higher at 2,129.76 and Seoul’s Kospi Index climbed 1.10% to 1,083.51.
At Bursa Malaysia, 88 counters were up, 325 were down and 146 were traded unchanged. There were 188.37 million shares traded with a total value of RM367.84 million.
Among bank stocks, Public Bank-foreign fell 45 sen to RM7.45, Public Bank dropped 45 sen to RM7.55 while Maybank lost 14 sen to RM4.40.
Resorts lost 3 sen to RM1.98 and Gamuda fell 5 sen to RM1.86.
Plantation stocks gained as CPO prices rose on lower production. IOI Corp was up 4 sen to RM3.76 while KL Kepong was 30 sen higher at RM10.20.
Other stocks that gained included BAT, 25 sen higher at RM44.25 while TNB rose 10 sen to RM6.20.
CPO was up RM58 per tonne to RM1,998 while Nymex crude oil was down 5 cents to US$47.02 per barrel.
Spot gold was down US$4.53 to US$917.45 per ounce.
The ringgit was quoted against the US dollar at 3.702.
