Banks, telco drag KLCI lower

  • Business
  • Friday, 12 Jul 2019

KUALA LUMPUR: The FBM KLCI saw a steady decline from the opening bell to end the morning session 6.01 points lower at 1,673.25.

Leading the fall was CIMB losing 12 sen to RM5.22, on concerns over a potential share overhang from a proposed issuance of exhcangeable bonds by Khazanah Nasional. 

Also dragging the index lower was Maxis dropping nine sen to RM5.66 and Hong Leong Bank shedding 32 sen to RM18.66.

On the wider stock exchange, stocks seeing heavy trading interest were KNM losing one sen to 34 sen, Cuscapi gaining three sen to 21.5 sen and SAPURA ENERGY up one sen to 30.5 sen. 

On the regional scene, investors awaited the release of Chinese trade data for June, which would shed light on the the state of the economy.

Chinese markets showed optimism with the Shanghai Composite Index gaining 0.5% and the CSI300 Index jumping 0.7%.

Hong Kong's Hang Seng Index climbed 0.5% while Japan's Nikkei was index rose 0.1% and South Korea's Kospi Index added 0.2%.

Meanwhile, oil prices extended their advance as US oil producers in the Gulf of Mexico halved their supply in the face of a tropical strom.

US crude rose 33 cents to US$60.53 a barrel and Brent crude gained 39 cents to US$66.91 a barrel.

In currencies, the ringgit was up 0.1$ agains the US dollar at 4.1110 and the Singapore dollar at 3.0279. It fell 0.1% against the pound sterling at 5.1560.
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