Bloodshed continues in equity markets, Brent falls below US$70

  • Business
  • Thursday, 09 May 2019

KUALA LUMPUR: The slump continued in regional equity markets as Chinese vice premier Liu He made a crucial visit to Washington in an attempt to put trade talks back on track.

The Shanghai Composite Index fell 1.35%, the CSI300 Index dropped 1.9% and Hong Kong's Hang Seng Index fell nearly 2%. 

Meanwhile, Japan's Nikkei Index slid 1% and South Korea's Kospi dropped 1.7%.

At 12.30pm, the FBM KLCI had slipped 11.48 points, to 1,622.07, extending losses for a third day.

Trading volume was 1.12 billion shares valued at RM775.28mil. There were 474 decliners veruss 179 gainers and 318 counters unchanged.

Out of the 30 KLCI-linked counters 25 were in the red with Petronas Chemicals at the forefront of losses, shedding 11 sen to RM8.81

Nestle dropped RM3.60 to RM144.80 while Maxis lost nine sen to RM5.43 and CIMB dropped six sen to RM5.14.

Axiata continued to pare gains following Tuesday's jump, slipping five sen to RM4.51.

The top active counters were Lambo unchanged at eight sen, Impiana unchanged at four sen and Daya unchanged at one sen.

Brent crude fell below the psychologically important US$70 a barrel level as trader fretted over the demand outlook for the commodity.

The international benchmark dropped 53 cents to US$69.84 a barrel and Us crude slid 48 ents to US$61.47 a barrel.

The ringgit meanwhile was weaker against the US dollar at 4.1500 and pound sterling at 5.3975. It traded flat against the Singapore dollar at 3.0452.


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