KLCI lets go of early gains, other Asian markets rally

  • Business
  • Tuesday, 16 Apr 2019

KUALA LUMPUR: Bursa Malaysia slipped into the red at midday on Tuesday amid a cautious broader market, which was in contrast with the key Asian markets.

At 12.30pm, the FBM KLCI was down 0.26 point to 1,631.07. Trading volume was 1.44 billion shares valued at RM800.68mil. There were 397 decliners versus 251 gainers and 383 counters unchanged.

Overnight, the major Wall Street indices slipped about 0.1% each on disappointing bank earnings. Goldman Sachs fell 3.8% as its first quarter revenue came in below analyst expectations. 

Tracking the weak performance, Asian markets opened in the red although they climbed over the morning session into positive territory on optimism over an approaching US-China trade deal.

The Shanghai Composite Index was up 1.1% while the CSI300 Index grew 1.3%. Japan's Nikkei rose 0.3% while Hong Kong's Hang Seng added 0.6% and South Korea's Kospi was marginally higher.

On the FBM KLCI, Maybank shed three sen to RM9.22 while Hong Leong Bank lost 10 sen to RM20 and AmBank slid two sen to RM4.45

Other banks fared better including Public Bank adding two sen to RM22.60, CIMB climbing two sen to RM5.08 and RHB gaining two sen to RM5.77.

Other notable movers included Axiata rising four sen to RM4.20, and Petronas Chemicals putting on four sen to RM8.94. 

The ringgit dipped on Tuesday as profit-taking emerged following the rally in the previous session, while crude oil prices retreated as Russia and Opec considered raising output to fight the US for market share.

US crude slipped eight cents to US$63.32 a barrel while Brent crude dropped 18 cents to U$71 a barrel.

The local currency weakened 0.2% against the greenback to 4.1185, 0.1% against the pound sterling to 5.3870 and 0.1% against the Singapore dollar to 3.0412.


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