Blue chips firmer early Tuesday, ringgit dips

KUALA LUMPUR: Blue chips advanced early Tuesday on gains chalked up by Petronas Gas and Genting Malaysia after the record overnight close on Wall Street shored up sentiment but the ringgit weakened against the US dollar.

At 10am, the KLCI was up 2.62 points or 0.15% to 1,757.40. Turnover was 623.70 million shares valued at RM265.67mil. There were 256 gainers, 195 losers and 283 counters unchanged.

The ringgit fell 0.21% to the US dollar to 4.241 from the previous close of 4.232.

Asian shares tiptoed lower on Tuesday, pressured by weaker oil prices but supported by records on Wall Street and upbeat economic data that lifted US Treasury yields and the dollar, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1% in early trade. Japan’s Nikkei stock index added 0.3%, getting a tailwind from a weaker yen.

Oil fell edged lower on Tuesday, declining for a second day and sapping more strength from a third-quarter rally, amid signs that a global glut in crude may not be clearing as quickly as bulls had hoped.

US crude was down 15 cents at US$50.43 a barrel. Brent crude, the global benchmark, was down 18 cents at US$55.94 a barrel, Reuters reported.

Singapore-based IT solution provider Cloudaron Group rose five sen to 16 sen on its trading debut on the LEAP Market for SMEs.

BAT rose the most, up 58 sen to RM43.50 but with just 1,000 shares done. Petronas Gas added 12 sen to RM18.02 and Genting Malaysia 11 sen to RM5.41 while KL Kepong was up 10 sen to RM24.72.

Lotte Chemical Titan managed to recoup nearly half of the previous day’s losses to advance 13 sen to RM5.11 with 1.62 million shares done. Petron added 10 sen to RM10.54.

Maybank’s call warrants C29 fell 8.5 sen to 12 sen, Kossam lost eight sen to RM6.82, Ajinomoto and PPB Group eight sen lower at RM20 and RM16.82 while Lii Hen Industries shed five sen to RM3.57.