KLCI plumbs to another fresh four year low

  • Markets
  • Thursday, 03 Oct 2019

KUALA LUMPUR: Bursa Malaysia and key Asian markets were routed on Thursday after the US imposed new tariffs on European goods, raising concerns about slower global growth.

At 5pm, the KLCI was down 10.78 points or 0.68% to 1,564.12 – which is another fresh closing low in four years again. Turnover was 2.18 billion shares valued at RM1.45bil. Decliners beat advancers five to three or 500 losers to 298 gainers while 421 counters were unchanged.

Reuters reported world stocks hovered near four-week lows and yields on major benchmark bonds slipped after Washington moved to impose new tariffs on European goods, fuelling fears about global growth and dousing risk appetite.

MSCI's index of world stocks slipped 0.1%, with Asian shares plunging. Japan's Nikkei stock index closing down 2%, its biggest one-day decline since Aug. 26.

However, European stocks eked out small gains after suffering their worst day since last December, when the US got the go-ahead to impose tariffs on US$7.5bil of European goods.

Washington will enact 10% tariffs on Airbus planes and 25% duties on French wine, Scotch and Irish whiskies and cheese from across the continent as punishment for illegal EU subsidies to Airbus, Reuters reported.

At Bursa, Public Bank fell 42 sen to RM19.28 and erased 2.88 points from the KLCI, Hong Leong Bank lost 12 sen to RM16.02, RHB Bank six sen to RM5.58, Maybank five sen to RM8.48, AmBank four sen to RM4.02 while CIMB shed one sen to RM5.01.

Telcos also closed lower led by Maxis, which shed six sen to RM5.41, Digi five sen to RM4.65 and Axiata two sen at RM4.27.

US light crude oil slipped seven cents to US$52.57 and Brent 20 cents lower at US$57.49.

Petronas Dagangan lost 12 sen to RM23.44, Petronas Gas six sen to RM16.40 but Petronas Chemicals edged up one sen to RM7.47. Dialog eased two sen to RM3.38. Petra Energy jumped nine sen to RM1.24 in active trade.

Consumer stocks headed the losers' list as Dutch Lady gave up RM1.20 to RM58.30, Nestle 70 sen to RM144.50, BAT 30 sen to RM18.30 and Heineken 26 sen to RM23.86.

Crude palm oil for third month delivery rose RM12 to RM2,160 per tonne. PPB Group fell 18 sen to RM17.92, KL Kepong 14 sen to RM22.78, Sime Plantation five sen to RM4.70, IOI Corp one sen lower at RM4.28.

MAHB climbed six sen to RM8.66, IHH three sen to RM5.67 while Sime Darby eked out a one sen gain to RM2.29.

Cocoa grinder Guan Chong topped the gainers list, climbing 19 sen to RM4.36.

Semicon and tech-related counters fared well against the weak market sentiment as Pentamaster rose 19 sen to RM4.68 and PIE nine sen to RM1.39. SAM Engineering gained nine sen to RM7.95.

The ringgit firmed up against the US dollar by 0.16% to 4.1873 but fell 0.52% against the pound sterling to 5.1555, gave up 0.36% against the euro to 4.5897 and shed 0.09% to the Singapore unit to 3.0292.

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