KLCI slides early Friday on US-North Korea tensions, ringgit dips - Business News | The Star Online

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KLCI slides early Friday on US-North Korea tensions, ringgit dips


KUALA LUMPUR: Bursa Malaysia and key Asian markets fell early Friday as investors grew more worried after US President Donald Trump warned North Korea again not to strike Guam or US allies.

At 9.45am, the FBM KLCI fell 7.71 points or 0.43% to 1,770.06. Turnover was 376.49 million shares valued at RM203mil. Decliners thumped advancers more than 11 to one or 571 losers to 49 gainers and 209 counters unchanged.

The ringgit fell 0.05% to the US dollar at 4.292.

Ringgit 4.292 4.29 -0.05

Reuters reported South Korean shares fell to an 11-week low on Friday and the won extended this week's slide.

Trump said on Thursday that threat earlier this week to unleash "fire and fury" on Pyongyang if it launched an attack may not have been tough enough, triggering fresh selling in global financial markets.

Hong Leong Investment Bank (HLIB) Research said it thinks that Wall Street is likely to trend lower after the recent selloffs and the recent upbeat earnings could have been fully priced into the markets.

“Hence, the upside of the Dow will be envisaged around 22,200 and the next immediate support after the violation of 22,000 will be seen around 21,700,” it said.

“Similarly, with the negative performance on the overnight Wall Street, coupled with the subdued sentiments over the past week, stocks on the local front may take a beating and declined further following the selloffs yesterday. 

“The KLCI may trend lower towards 1,770. Should there be a violation below 1,770, next support will be set around 1,760,” it said.

Refiners were among the top losers as investors continued to take profit with Petron down 34 sen to RM8.53 and Hengyuan losing 22 sen to RM7.55.

MPI fell the most, down 50 sen to RM12.70 while KESM was down 34 sen to RM13.64.

Among the consumer stocks, F&N and Dutch Lady lost 38 sen each to RM24.40 and RM58.82 with just 100 shares done for each counters while Ajinomoto lost 22 sen to RM25.94 on rising volume of 20,500 shares traded.

Petronas Dagangan rose 38 sen to RM24.36, Hong Leong Bank eight sen higher at  RM15.76 and Geshen four sen up at RM2.18.

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