KLCI retraces earlier losses to close flat

  • Markets
  • Friday, 13 Sep 2019

KUALA LUMPUR: Bursa Malaysia ended the day on a flat note as investors remained on the sidelines ahead of the long weekend in addition to absence of local buying impetus.

At closing, the benchmark index FBM KLCI was up a negligible 0.25 points to 1,601.25. The index opened 0.31 point lower at 1,600.69. There were 450 gainers, 324 losers and 419 counters unchanged. Turnover was 2.1 billion shares traded, valued at RM1.5billion.

Dealers said the stimulus from the European Central Bank helped to calm fears of a global economic slowdown coupled with the de-escalation of the US-China tariff war. China and the US both announced concessions this week ahead of upcoming trade talks in early October.

Dragging the index lower, Petronas Chemicals fell 10 sen to RM7.41, pushing the index down by 1.416 points. Petronas Gas fell two sen to RM16.24, pushing the index down by 0.631 while MISC shed six sen to RM7.74, nudging the index lower by 0.474 points.

Top gainers on the stock exchange included British American Tobacco, rising RM1.70 to RM21.50, Nestle gained RM1.20 to RM146.70 and Carlsberg added 28 sen to RM25.48.

Regional markets were steadier today with the benchmark Nikkei advanced 1.1% to 21,988.29, marking its highest close since May 7. For the week, the index advanced 3.7%, to post its biggest gain in eight months.

Hong Kong’s Hang Seng index was up almost 1% at 27,352.69, its highest close since Aug. 1. The Hang Seng China Enterprises index added 0.9% on Friday, adding 2.5% in the week while the Shanghai Composite Index was up 0.75% to 3,031.24 and the CSI300 index rose 1.08% to 3,972.38.

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