KUALA LUMPUR: Blue chips fell in early trade Friday as investors avoided most equities on concerns about the current political situation, rising inflation and slowing economic growth, despite the fact that oil had fallen to US$130 per barrel.
The KL Composite Index fell 2.22 points to 1,118.95. Turnover was 24.22 million shares valued at RM60.14mil. There were 107 gainers, 65 losers while 102 counters were unchanged.
Asian markets fared better. Shanghai’s A Share Index rose 1.73% or 48.7 points to 2,864.73, Singapore’s Straits Times Index added 0.54% to 2,879.7 and the Nikkei 225 0.38% higher at 12,937.19.
The top loser was E&O-LA which tumbled 72 sen to RM1.70 but with 1,000 units done.
The decline in crude oil prices and weaker crude palm oil prices dragged plantations down with KL Kepong falling 40 sen to RM14.80, IOI Corp and Kulim 30 sen each to RM5.80 and RM8 while Kulim-WB fell 40 sen to RM5.60. Batu Kawan, Far East and Asiatic gave up 15 sen each to RM9.60, RM7.30 and RM6.60.
Public Bank foreign fell 10 sen to RM10.40 but the local shares rose 10 sen to RM10.40.
Tanjong added 20 sen to RM12.40, while Hong Leong Bank added 15 sen to RM5.65, and IOI Properties 14 sen to RM4.86.
AirAsia rose two sen to 91.5 sen in active trade.
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