Markets stay in bearish mood ahead of US tariffs deadline

  • Markets
  • Tuesday, 10 Dec 2019

KUALA LUMPUR: The local market maintained a bearish outlook as the deadline for fresh US tariffs on Chinese imports bore down on global equities.

As Dec 15 approaches, a phase-one trade deal between the US and China has yet to materialise, putting investors on uncertain ground.

At 12.30pm, the FBM KLCI was down 1.1 points at 1,561.61. Trading volume was 1.57 billion shares valued at RM738.65mil. There were 392 decliners versus 298 gainers and 343 unchanged.

Kuala Lumpur Kepong fell 40 sen to RM24.42 to partially retrace the gains it made over the previous four sessions. Petronas Gas also slipped 30 sen to RM15.30 while Petronas Chemicals slid five sen to RM7.

The country's three largest financial lenders were also on the backfoot with Maybank falling three sen to RM8.53, CIMB dropping three sen to RM5.15 and Public Bank slipping six sen to RM18.96.

On the rising end of the index, Tenaga Nasional gained four sen to RM13.26, Axiata edged one sen higher to R<4.20 and IOI rose three sen to RM4.56.

Among the most actively traded stocks on Bursa Malaysia were TDM up 0.5 sen to 31 sen, Sanichi down 0.5 sen to 4.5 sen and Sapura Energy unchanged at 26.5 sen.

Oil prices fell for a second day as Opec's agreement to to deepend crude output cuts failed to offset the falling demand outlook. US crude dropped 10 cents to US$58.91 a barrel and Brent crude slid 12 cents to US$64.13 a barrel.

In currencies, the ringgit was flat against the the US dollar at 4.1590, the pound sterling at 5.4695 and the Singapore dollar at 3.0581.

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