KLCI slips as Asian markets retreat ahead of Sept 5

  • Markets
  • Monday, 03 Sep 2018

KUALA LUMPUR: Asian markets pulled back on Monday ahead of the Sept 5 deadline for public commentary on the US trade tariffs, following which the taxes are expected to go ahead as planned.

Among the key markets, the Shanghai Composite Index slid 0.2% while China's blue chip CSI 300 lost 0.4%. Hong Kong's Hang Seng fell 0.6% while Japan's Nikkei dropped 0.7% and South Korea's Kospi gave up 0.7%.

The FBM KLCI also succumbed to the negative sentiment, shedding 6.08 points to 1,813.58. Trading volume was 2.65 billion shares valued at RM1.68bil. The broader market was overwhelmingly negative with 723 decliners versus 267 gainers and 365 counters unchanged.

Axiata lost nine sen to RM4.71 in line with other telco stocks. Maxis slid one sen to RM5.77 and Digi dropped two sen to RM4.69

Genting also led declines, shaving 20 sen to RM8.42 while Genting Malaysia shed 12 sen to RM5.10.

Maybank was the top gainer, rising six sen to RM10.02, followed by Petronas Chemicals adding five sen to RM9.51 and KL Kepong, climbing 20 sen to RM24.86.

Hengyuan was one of the top losers on the stock exchange, skidding 54 sen to RM6.89. United Plantation fell 30 sen to RM26.98 while Carlsberg shaved 36 sen to RM20.04.

On the advancing end, Petronas Malaysia put on 17 sen to RM8.67, Shangri-La lifted 12 sen to RM5.84 and DKLS added 13 sen to RM1.80.

Worries over the US sanctions on Iran offset fears of rising supply by Opec and the US. 

WTI rose 13 cents to US$69.93 a barrel while Brent crude climbed 45 cents to US$78.09 a barrel.

In currencies, the ringgit gave up 0.5% to the greenback at 4.1290. It also slipped 0.35% against the Singapore dollar at 3.0124 but rose 0.5% against the pound sterling at 5.3230.
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