KUALA LUMPUR: Bursa Malaysia continued to slip on Tuesday as the new round of trade tariffs went into effect and global stocks slipped in tandem.
Overnight, the Dow Jones fell 0.7% while the S&P500 dropped 0.35%
At 9.05am, the FBM KLCI was down 1.37 points to 1,798.8. Total volume was 119.36 million shares valued at RM49.83mil. There were 100 gainers versus 103 decliners and 158 counters unchanged.
Sapura Energy
was the top traded counter in early trade, rising two sen to 45 sen on news that it had secured about RM815mil in new contracts.
Hibiscus Petroleum also saw investor interest for a second day after BIMB Securities Research upgraded the stock to "buy" from "hold" on its current share price weakness. The stock rose three sen to RM1.16 in early trade.
Meanwhile, United Plantation is seeing a rebound in share price after five straight sessions of declines. On Friday, the plantations company had announced it was buying over Pinehill Pacific's Perak assets for RM414mil. The stock rose 68 sen to RM27.50.
Nestle was one of the leading gainers on the market, gaining 40 sen to RM147.10.
On the losing end, PPB shed 16 sen to RM16.56, Public Bank dropped four sen to RM24.96 and Petronas Chemicals fell five sen to RM9.41.
Oil markets, however, continued to see positive price action with Brent crude hovering near a four-year high reached in the previous session.
Reuters reported the surge in oil prices was due to looming US sanctions against Iran, and Opec and Russia's refusal to raise output.
Brent crude rose 19 cents to US$81.39 a barrel while WTI crude advanced 14 cents to US$72.22 a barrel.
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