Sluggish start for Bursa Malaysia, ringgit up

KUALA LUMPUR: Bursa Malaysia was in the red in early Thursday trade, weighed down by profit taking after the dismal Wall Street as investors await the release of more corporate announcements for the quarter ended June 30.

At 9.38am, the FBM KLCI was down 1.66  points or 0.09% lower at 1,771.28, extending its slight decline from the previous day.

Turnover was 316.27 million shares valued at RM167.05mil. There were 198 gainers, 223 losers and 244 counters unchanged.

Meanwhile, the ringgit inched up 0.05% to the US dollar at 4.276 from the previous close of 4.278.

 Asian stocks edged up on Thursday, shaking off the risk aversion that gripped financial markets overnight after US President Donald Trump's threat to shut down the government, though the dollar remained sluggish, Reuters reported.

Overnight, US stock indexes closed between 0.3% and 0.4% lower.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.15% in early trade. Japan's Nikkei pulled back 0.25% on a stronger yen.

Oil prices were little changed in early trade on Thursday, holding most of their gains from the previous session after another fall in US crude inventories which is seen as a sign of a tighter market, Reuters reported.

Brent crude futures fell nine cents to US$52.48 per barrel while US West Texas Intermediate (WTI) crude futures lost 10 cents to US$48.31.

At Bursa Malaysia, Nestle fell 28 sen to RM84 with 100 shares done, Heineken lost eight sen to RM18.22 while F&N rebounded 40 sen to RM24.84 with 400 shares traded.

Kotra Pharma fell 19 sen to RM1.81 in active trade, BIMB and SAM Engineering seven sen lower at RM4.33 and RM7.30.

PPB Group lost 12 sen to RM16.56 and Genting Plantations fell six sen to RM10.52. Oriental Holdings, which is involved in manufacturing and distribution of cars, property and also plantations, rose 20 sen to RM6.80.

Reinsurer MNRB rose nine sen to RM2.69, Amway and MPI eight sen higher at RM7.28 and RM13.98 while Prestar added seven sen to RM1.45.

Lotte Chemicals Titan rose seven sen to RM5.43 in active trade after more analysts turned positive.