Lower on poor sen­ti­ment

The Star Malaysia - StarBiz - - Stocks -

BURSA Malaysia closed in the red weighed by both lo­cal and ex­ter­nal fac­tors, namely the Petronas rat­ing down­grade as well as weaker per­for­mance of most global eq­uity mar­kets, said M&A Se­cu­ri­ties Sdn Bhd chief deal­ing of­fi­cer R. Sun­darara­jah.

At 5 pm, the FBM KLCI was 13.33 points weaker at 1,708.09.

In the 2019 Bud­get tabled last week, Fi­nance Min­is­ter Lim Guan Eng said Petronas was ex­pected to pay an ad­di­tional RM30­bil in spe­cial div­i­dend, mak­ing the to­tal div­i­dend com­mit­ment to RM54­bil.

This has re­sulted in rat­ing agency Moody’s In­vestors Ser­vice to down­grade the out­look on Petronas’ prospect assess­ment from sta­ble to neg­a­tive. — Ber­nama

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