KLCI flirts with support at 1,550

  • Business
  • Wednesday, 09 Oct 2019

KUALA LUMPUR: Growing external headwinds pushed the FBM KLCI back to a key support even as investors awaited the tabling of Budget 2020 on Friday and the outcome of US-China negotiations.

At 12.30pm, the local index had fallen 8.55 points to 1,550.24 amid a wider regional retreat on news that the US administration has imposed visa restrictions on Chinese officials and added more Chinese companies to a trade blacklist, citing mistreatment of Uighur MUslims in China.

Trading volume on Bursa Malaysia was 988.55 million shares valued at RM680.79mil. There were 461 decliners, 242 gainers and 347 counters unchanged.

Twenty-six of 30 KLCI-linked counters were in the red at midday, reflecting the weak sentiment over economic prospects.

Tenaga Nasional dragged on the domestic market, falling 16 sen to RM13.54 while heavyweight banks Maybank, Public bank, CIMB and Hong Leong Bank were all seen on the backfoot.

Sime Darby Plantation dropped four sen to RM4.66 while IOI shed four sen to RM4.23 and KL Kepong shed four sen to RM21.30.

Top active counters were Bumi Armada up 1.5 sen to 36.5 sen, Ekovest up two sen to 81.5 sen and SUMATEC up 0.5 sen to 1.5 sen.

Diminishing confidence over a potential trade resolution later this week sent oil price falling amid expectations of slower demand.

US crude dropped 22 cents to US$52.41 a barrel and Brent crude fell 24 cents to US$58 a barrel.

In currencies, the ringgit was down 0.1% against the US dollar at 4.1960. It fell 0.1% against the pound sterling at 5.1254 and 0.1% against the Singapore dollar at 3.0351.
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