KLCI holds firm amid mounting trade talk tensions


  • Business Premium
  • Friday, 28 Jun 2019

KUALA LUMPUR: The FBM KLCI ended the morning session vitually unchanged from the previous close even as anxieties mount over the coming meeting between US President Donald Trump and Chinaese premier Xi Jinping at the G20 Summit in Japan.

At 12.30pm, the FBM KLCI was down just 0.02 points to 1,672.68 as investors held steadfast ahead of the talks with the knowledge that any outcome will result in a strong reaction in global markets on Monday.

Trading volume was just over one billion shares worth RM592.35mil. There were 360 decliners versus 241 gainers and 383 counters unchanged.

Other regional markets were not as confident that the US and China will find a way through the ongoing trade impasse. China's markets slid with the Shanghai Composite Index dropping 0.9%, the CSI300 Index falling 0.5% and Hong Kong's Hang Seng Index shedding 0.6%.

Elswehere, Japan's Nikkei Index lost 0.3% and South Korea's Kospi Index dipped 0.2%.

On Bursa Malaysia, the most heavily traded counters were KNM gaining 2.5 sen to 21.5 sen, Sapura Energy unchanged at 29.5 sen and Greenyield up 1.5 sen to 14 sen.

The KLCI drifted lower on Public Bank losing 10 sen to RM23.06, Genting shedding eight sen to RM6.72 and Sime Darby Plantation falling five sen to RM4.81.

Oil prices were negatively impacted in the lead up to the G20 meeting, with Brent crude falling 39 cents to US$66.16 a barrel and US crude slipping 40 cents to US$59.03 a barrel.

The ringgit meanwhile held firm against a basket of currencies. It was a fraction higher against the greenback at 4.1415, up 0.3% against the pound sterling at 5.2470 and flat against the Singapore dollar at 3.0599.

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