At Bursa, Maybank fell 21 sen to RM8.19, CIMB seven sen to RM4.04, Hong Leong Bank 10 sen to RM18.08 and Public Bank six sen to RM20.28 on concerns about a slowdown in the economy. KUALA LUMPUR: Maybank, Maxis and Petronas Gas weighed on the FBM KLCI on Monday on concerns about the impact of the new stricter measures under the Movement Control Order to be announced at 6pm. At 5pm, the KLCI was down by 15.94% or 0.98% to 1,617.25. Turnover was 6.62 billion shares valued at RM5.56bil. There were 490 gainers, 650 losers and 481 counters unchanged. The contraction in the November industrial production index, which fell 2.2% from a year ago, was a negative surprise as a Bloomberg survey of economists projected a 0.2% increase. The contraction was due to a 15.4% decline in the mining index while the electricity index dropped 2.5%. RHB Research expects the 1Q 2021 IPI production to decelerate on back of efforts by the authorities to the higher number of new Covid-19 cases. “We expect more stringent movement control orders (MCOs) to be implemented in the near-term in economically important geographies. As a result, domestic-oriented industries will slow at a relatively faster pace compared to export-oriented industries in 1Q21, ” it said. At Bursa, Maybank fell 21 sen to RM8.19, CIMB seven sen to RM4.04, Hong Leong Bank 10 sen to RM18.08 and Public Bank six sen to RM20.28 on concerns about a slowdown in the economy. Among the glove makers, Supermax fell 27 sen to RM7.03, Hartalega 28 sen to RM12.22, Kossan 15 sen to RM4.35 and Top Glove seven sen lower to RM6.43 in active trade. HLT closed down 10 sen to RM1.38 and Rubberex six sen to RM1.86. Tenaga lost 28 sen to RM10.24, Genting seven sen to RM4.05 and GentingM four sen to RM2.41. Axiata climbed 16 sen to RM3.63 and Telekom rose six sen to RM5.51 but Maxis and Digi lost 10 sen each to RM5.10 and RM4.16. As for plantations, KL Kepong was up 70 sen to RM24.70, Sime Plantation rose four sen to RM5.21, PPB Group to sen RM19.30 but IOI Corp shed one sen to RM4.50. Among the energy stocks, Petronas Chemicals ended 26 sen lower at RM7.30, Petronas Gas eight sen to RM16.82, Petronas Dagangan two sen to RM21.12 but Dialog gained two sen to RM3.31. CN Asia fell the most, down 39 sen to RM1.27 with 11 million sharers done as investors grew concerned about its venture into digital banking especially the RM400mil investment which it entailed. Share price of the engineering services company hit limit-down to RM1.17 early Monday.
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