KUALA LUMPUR: Bursa Malaysia started Monday on a weak note as fund selling sent the FBM KLCI down more than 20 points as fears of the US-China trade war cast a pall of gloom over Asian markets.
At 9.09am, the KLCI was down 21.42 points or 1.22% to 1,740.36. Turnover was nearly 170 million shares valued at RM131.31mil. There were 77 gainers, 282 losers and 185 counters unchanged.
Reuters reported Asian shares retreated on Monday after U.S. President Donald Trump cranked up trade tensions with China by going ahead with tariffs on Chinese imports, prompting Beijing to immediately respond in kind.
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.2% in early trade, near its lowest level since May 31. Financial markets in China and Hong Kong will be closed on Monday for Dragon Boat festival holiday, the wire reported.
Japan's Nikkei slid 0.7% as fears of growing protectionism overshadowed stronger-than-expected export data. US e-mini S&P futures fell 0.4% in early trade.
At Bursa, Petronas Dagangan fell 92 sen to RM24.90 and Petronas Gas were 18 sen lower at RM17.32 as oil prices fell further, pulled down by an expectation that producer club OPEC and its allies will increase supplies.
Reuters reported Brent crude futures fell 39 cents to US$73.05 per barrel while US light crude lost 82 cents to US$64.24.
As for banks, Hong Leong Bank and Public Bank each fell 34 sen to RM18.70 and RN23.70 while KL Kepong lost 54 sen to RM24.40, Hap Seng 20 sen to RM9.69 and PPB Group 18 sen lower at RM19.64.
Chip maker MPI lost 34 sen to RM10.08 while Kretam hit limit down, falling 30 sen to 39.5 sen.
F&N was the top gainer, up RM1.58 to RM38.70 while Top Glove rose 12 sen to RM11.36 while Carlsberg added eight sen to RM19.80.