KLCI clings on to 1,600


  • Markets
  • Tuesday, 19 Nov 2019

KUALA LUMPUR: There was some profit-taking activity on Bursa Malaysia on Tuesday following the sharp gains made in the closing minutes of the previous trading session.

At 12.30pm, the FBM KLCI had retreated 4.07 points to 1,600.29. Trading volume was 1.23 billion shares valued at RM655.77mil.

There were 384 decliners compared to 297 gainers and 381 counters unchanged.

Investor expectations over the progress of the US-China trade negotiations swung lower on Tuesday, which left regional markets subdued, although hopes over more stimulus measures helped lift Chinese and Hong Kong markets.

On the domestic scene, IHH dragged on the bourse with a 12 sen decline to RM5.44. Axiata was down six sen to RM4.31 while Digi fell eight sen to RM4.65.

Alleviating some downside pressure on the market, Hong Leong Bank rose 22 sen to RM17.02 and Public Bank gained 10 sen to RM19.98.

Meanwhile, there was some selling pressure on plantation stocks following the government's announcement of new food safety standards for the oil palm industry.

Commodities minister Teresa Kok said yesterday that there remained "significant challenges" in achieving 100% mandatory MSPO certification for palm oil, triggering a sell-off in plantation counters on Bursa Malaysia.

Among the heavyweights, PPB fell 16 sen to RM18.10, although IOI was up two sen to RM4.44 and KL Kepong rose two sen to RM22.56.

BLD Plantation shed 30 sen to RM5.45 and United Plantation dropped 22 sen to RM25.60.

Oil prices tracked the downturn in investor sentiment over the trade environment. US crude fell 12 cents to US$56.93 a barrel and Brent crude dropped 10 cents to US$62.34 a barrel.

In currencies, the ringgit was 0.1% lower against the greenback at 4.1580, 0.1% weaker against the pound sterling at 5.3854 and 0.1% lighter against the Singapore dollar at 3.0549.

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