KUALA LUMPUR: Blue chips wavered in early Friday trade as global worries dampened investors’ risk appetite for equities despite the overnight rally on Wall Street.
At 9.20am, the FBM KLCI was up 0.53 of a point or 0.03% to 1,675.95. Turnover was 232.23 million shares valued at RM133.93mil. There were 189 gainers, 97 losers and 238 counters unchanged.
Asian stocks struggled to track Wall Street's exuberance about a possible US rate cut next month as anxiety over China-US trade negotiations clouded the investor mood in the region, Reuters reported.
Also tempering appetite in Asia were fresh worries about Middle East tensions, after Iran shot down a US military drone, raising fears of a military confrontation between Tehran and Washington and pushing the crude oil price higher.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1%. The index was up 4% on the week, during which it brushed its highest level since May 8. Japan's Nikkei was flat, capped by the yen's big surge.
At Bursa, CE Technology, which made its debut on the LEAP Market was trading at 28 sen, or four sen above its offer price of 24 sen.
F&N was the top gainer, up 30 sen to RM34.66 with just 100 shares done. Heineken extended its gains, rising 20 sen to RM24.20, while BAT added 12 sen to RM27.54.
As for oil and gas counters, Yinson
gained 29 sen to RM6.10, Petronas Gas 14 sen to RM17.74 while Hengyuan was up eight sen to RM5.38. Hibiscus rose four sen to RM1.11 in active trade.
Magni-Tech rose 10 sen to RM5, Perstima and Apex Health eight sen each to RM4.60 and RM2.18.
Weaker crude palm oil prices dampened investors' appetite for plantations. United Plantations was the top loser, down 32 sen to RM26.30 with 1,100 shares done while KL Kepong gave up six sen to RM24.52.
MISC and Tenaga were down 10 sen each to RM7.08 and RM13.78 while Telekom lost five sen to RM4.01 and Maxis four sen to RM5.71.
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