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.

Article type: metered
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

Oil rebounds on speculation Omicron-related drop overdone Premium
Singapore adds to its gold pile for the first time in decades Premium
MyEG net profit climbs in Q3 Premium
7-Eleven Malaysia to expand pharmacy business into Indonesia via JV� Premium
KPower registers lower Q1 profit due to lockdown woes� Premium
Glove stocks rally as new Covid-19 variant spooks investors � Premium
IJM Corp posts RM639mil net profit in Q2 on disposal gain� Premium
Axiata signs science-based target initiative pledge to commit to net zero initiative Premium
Aurelius Technologies aims to raise RM104.73mil from Main Market listing Premium
Sime Darby earnings impacted by China industrial slowdown in Q1FY22 Premium

Others Also Read