KUALA LUMPUR: Construction stocks took a hit on Monday with Gamuda taking the brunt of the selling pressure as the government revised the Mass Rapid Transit (MRT) 2 project.At 5pm, the KLCI was down 1.4 points or 0.08% to 1,775.75. Turnover was 2.37 billion shares valued at RM1.82bil. Decliners beat advancers nearly four to one with 745 losers to 195 gainers and 323 counters unchanged.Adding to the doom and gloom was the selloff of the China markets, which resumed trading after a week-long break. The fall in the shares also prompted Bursa Securities to halt the short-selling activities until Tuesday.AmInvestment Research had cut the earning outlook and reduced the fair value by 19% to RM2.71 for Gamuda and downgraded its call to underweight from hold. Sime Plantations was flat at RM5.25 and Sime Darby three sen lower at at RM2.60 while Sime Property one sen down to RM1.11.As for glove makers, Supermax lost 22 sen to RM2.84 and Hartalega seven sen down at RM6.31.Among the chip makers, MPI slid 28 sen to RM12.38 and KESM 20 sen to RM14.90.

Source: thestar October 08, 2018 09:33 UTC