Banks slip as investors see slower economy

KUALA LUMPUR: Several banks and Petronas-linked stocks dragged the
FBM KLCI into the red on Monday as investors worried about the slowing
economy especially after the recent trade and industrial output data.
The profit taking on banks and a cautious outlook from Petronas about the remainder of 2012 weighed on sentiment. However, Maybank, seen as a favourite among analysts, bucked the trend to climb in active trade.
At
the close, the FBM KLCI was down 3.51 points or 0.22% to 1,621.04.
Turnover fell below the one billion units mark to 876.44 million shares
valued at RM1.44bil. Declining stocks beat advancers more than two to
one, with 520 losers to 220 gainers and 297 stocks unchanged.
Among
the key regional markets, China's stocks rose to the highest level in
almost a month on speculation the government will take steps to boost
economic growth after trade data missed estimates and industrial output
grew at the slowest pace in three years, wire reports said.
Hong
Kong's Hang Seng Index rose 0.13% to 19,827.17; Shanghai's Composite
Index added 0.34% to 2,134.89 and Taiwan's Taiex edged up 0.78% to
7,482.74.
However, Japan's Nikkei 225 shed 0.03% to 8,869.37;
South Korea's Kospi shed 0.25% to 1,924.70 and Singapore's Straits
Times Index eased 0.10% to 3,008.72.
US light crude oil rose
three cents to US$96.45 and Brent 55 cents higher at US$114.80 while
spot gold fell US$1.59 to US$1,735.26.
The ringgit strengthened against the US dollar at 3.1033.
Crude palm oil for third-month futures fell RM8 to RM2,919 per tonne. Batu Kawan added 26 sen to RM18.86.
BAT
was the top loser, down RM1.48 as the government sought to restrict the
sale of cigarettes and on worries about more taxes during the Budget
2013 proposals. Its decline dragged the KLCI down 0.66 of a point.
The biggest drag on the KLCI was Petronas Chemicals, down 21 sen to RM6.28, erasing 2.09 points. Petronas Dagangan fell 28 sen to RM21.46.
Among the banks, RHB Capital fell 16 sen to RM6.97, Hong Leong Finance 14 sen to RM11.78 while CIMB and HL Bank
fell 10 sen each to RM7.40 and RM13.36. However, Maybank bucked the
trend, rising 14 sen to RM9.17 in active trade and pushing the KLCI up
2.49 points.
F&N fell 28 sen to RM19.18, Nestle
20 sen to RM62.80 and GAB 18 sen lower at RM15.28 but Dutch Lady gained
eight sen to RM42.30. Cement maker Tasek fell 20 sen to RM11.
Telcos were the top gainers with TM up six sen to RM6.06 while up three sen each were TM, Axiata, DiGi and Maxis to RAM6.06, RM6.04, RM4.84 and RM6.87 respectively.
Genting Malaysia added six sen to RM3.55 and Genting Bhd one sen to RM8.93.
I Bhd jumped 15 sen to RM1.17 as the company was seen to have more upside with its I-City project in Shah Alam.