CIMB leads KLCI lower amid broad-based retreat

KUALA LUMPUR: The FBM KLCI stayed in the red throughout the morning session as enthusiasm over the recent US-China trade truce waned and investors looked towards more trade tension over the horizon.

At 12.30pm, the index was down 5.66 points to 1,685.34. Trading volume was 1.82 billion shares valued at RM742.55mil. There were 399 decliners compared to 283 gainers and 391 counters unchanged.

Leading the index lower was CIMB falling eight sen to RM14.14, Maxis falling five sen to RM5.62 and Tenaga Nasional dropping sliding eight sen to RM14.14.

Among the few stocks on the KLCI that advanced were Sime Darby Plantation adding one sen to RM4.85, Axiata gaining one sen to RM5.21 and Top Glove climbing six sen to RM4.87.

Meanwhile, most active counters on Bursa Malaysia were Sumatec adding two sen to three sen, KNM rising 0.5 sen to 30.5 sen and Borneo Oil gaining 0.5 sen to five sen.

Key Asian markets were mostly in the red as the threat of Washington imposing additional tariffs on EU goods raised the prospect of further trade conflict.

The Shanghai Composite Index was down 0.7%, the CSI300 Index fell 0.5% and Hong Kong's Hang Seng Index slipped 0.2%.

Japan's Nikkei Index shed 1.1% while South Korea's Kospi Index drifted 1.1% lower.

Oil prices held on to its gains in the morning session as it rebounded from a sharp selldown in the previous session on demand fears.

US crude was up 17 cents to US%56.42 a barrel and Brent crude gained 17 cents to US$62.57 a barrel.

In currencies, the ringgit was flat against the greenback at 4.1403, 0.2% higher against the pound sterling at 5.2119 and 0.1% lower against the Singapore dollar at 3.0539.