Bursa misses global rebound, heavyweights lead losses

  • Markets
  • Tuesday, 27 Aug 2019

KUALA LUMPUR: The recovery in global equity markets passed over Bursa Malaysia in morning trade as the domestic market continued to slide on the negative sentiment sparked by new tariff proposals.

Elsewhere in the region, markets had begun to recover following the previous session's bloodbath, as comments from both Washington and Beijing helped to alleviate trade tensions.

China's market led the way with the benchmark Shanghai Composite Index rising 1.7%, followed by Japan's Nikkei rising 1.2%.

US President Donald Trump said he was optimistic over a trade deal following remarks by Chinese vice president Liu He that China was willing to work towards a resolution through "calm" negotiations.

At 12.30pm, the FBM KLCI had bucked the regional trend with a 3.78 decline to 1,596.75. Trading volume was low with 985.34 million shares traded valued at RM655.52mil. There were 351 decliners, 297 gainers and 350 counters unchanged.

KLCI-linked heavyweights were among the top losers of the day with Petronas Gas falling 68 sen to RM15.02 and Petronas Dagangan dropping 62 sen to RM21.68.

Hong Leong Financial Group shaved 56 sen to RM16.42 while Hong Leong Bank slid 22 sen to RM16.76.

Plantation plays KL Kepong lost 12 sen to RM23.54 and PPB slipped 10 sen to RM18.70.

On the rising end however was Nestle, up 80 sen to RM149.10.

Oil prices rebounded on Trump's assurances over a trade deal. US crude rose 32 cents to US$53.96 a barrel and Brent crude gained 31 cents to US$59.01 a barrel.

In currencies, the ringgit extended its downtrend against the US dollar, falling 0.1% to 4.206. It dropped 0.1% against the pound sterling to 5.1385 and 0.1% against the Singapore dollar to 3.0266.

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