Cautious start for Bursa after local, foreign funds turn net sellers

  • Markets
  • Wednesday, 13 Nov 2019

market open

KUALA LUMPUR: Bursa Malaysia and key Asian markets got off Wednesday on a cautious start after disappointing news from the US on progress of a possible trade deal.

At 9.15am, the FBM KLCI was down 1.42 points or 0.09% to 1,608.31. Turnover was 229.23 million shares valued at RM75.13mil. There were 151 gainers, 136 losers and 212 counters unchanged.

Of concern at Bursa was that foreign funds and local institutions were net sellers at RM12.9mil and RM16.7mil on Tuesday while retail investors were net buyers at RM29.6mil.

The absence of strong fresh leads from funds could see the market undergoing attrition as the corporate results for the quarter ended Sept 30, 2019 pick up pace.

Asian stocks and Wall Street futures fell on growing worries US-China trade talks are stalling after President Donald Trump failed to deliver any new information about when the two countries would sign a trade deal, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2%. Australian shares were down 0.17%, while Japan's Nikkei stock index slid 0.38%.

At Bursa, Carlsberg fell 24 sen to RM28 with just 100 shares done, PPB Group shed eight sen to RM18.02 with 500 shares while Public Bank lost six sen to RM19.92.

Axiata lost six sen to to RM4.38 and Maxis five sen to RM5.41.

CHHB and Pharmaniaga lost five sen each to RM1.33 and RM2.32.

However, CCB rallied 44 sen to RM2.11, near the offer price of RM2.20 made by its major shareholder to take it private.

UWM and Magni-Tech rose six sen each to RM2.87 and RM2.67 while MISC, Bintulu Port and Latitude Tree advanced five sen each to RM8.35, RM4.10 and RM2.95 respectively.

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trade deal , funds , corporate results


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