Stocks retrace previous gains as Bursa rally fizzles

  • Markets
  • Tuesday, 04 Dec 2018

KUALA LUMPUR: The relief rally over the outcome of US-China negotiations at the G20 summit fizzled on Tuesday, bringing Bursa Malaysia and other Asian markets lower.

The trade truce between the two major economies postponed the implementation of further trade tariffs while more negotiations are held. However, there has been no decisive resolution made towards ending the trade conflict.

At 12.30pm, the FBM KLCI slid 7.15 points to 1,692.15. Turnover was 1.6 billions shares valued at RM843.73mil. There were 476 decliners versus 232 advancers and 285 counters unchanged.

Stocks that led the previous day's gains retraced some of the optimism. CIMB shed 10 sen to RM5.80, Axiata dropped six sen to RM3.89 and Sime Darby Plantation fell 13 sen to RM4.81.

Tenaga Nasional, which put on six sen in yesterday's trading, weighed 18 sen to RM14.12.

IHH, whose share price had stabilised after a steady advance, resumed an eight sen gain to RM5.45.

On the broader exchange, volatile changes in Bumi Armada's share price continued for a fourth day as it dropped three sen or 15.4% to 16.5 sen.

Cahya Mata Sarawak climbed nine sen to RM3.32, Hengyuan rose 11 sen to RM5.07 and Guan Chong gained 14 sen to RM2.98.

Oil prices extended its rally for a second day amid expectations of Opec supply cuts and a mandated reduction in Canadian output.

WTI crude rose 62 cetns to US$53.56 a barrel while Brent crude grew 67 cents to US$62.36 a barrel.

In currencies, the ringgit rose 0.4% against the US dollar at 4.1500. It gained 0.85% against the pound sterling at 5.2899 and 0.3% against the Singapore dollar at 3.0411.
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