Banks continue downtrend, oil prices firm up on expected supply cuts

  • Markets
  • Friday, 14 Feb 2020

KUALA LUMPUR: The FBM KLCI wrapped up the morning session slightly lower as most bank stocks extended their losses for the week following Bank Negara's signal on Wednesday that there is room for a further interest rate cut.

This comes amid the ongoing Covid-19 coronavirus outbreak that is threatening to derail economic growth in China and other global markets.

Public Bank lost 20 sen to slide to a 4.5-year low at RM17.60 while Hong Leong Bank dropped four sen to RM15.10.

CIMB lost one sen to RM4.87 while Maybank gained one sen to RM8.47.

At 12.30pm, the FBM KLCI was down 0.69 points to 1,538.47. Trading volume was 1.59 billion shares valued at RM1.08bil. There were 377 gainers versus 311 decliners and 314 counters unchanged.

Plantation counters showed some positive price action on Friday led by Sime Darby Plantation up four sen to RM5.26 and KL Kepong up 12 sen to RM23.52. IOI was unchanged at RM4.54.

Top active stocks for the day were MyEG up five sen to RM1.40, Ekovest rising 1.5 sen to 76 sden and Bumi Armada gaining 1.5 sen to 39.5 sen.

Oil prices were mildly higher on Friday but on track to their first weekly gain in six weeks on expectations that major oil producers will cut production to offset the lower demand in China owing to the coronavirus epidemic.

WTI crude was up four cents to US$51.46 a barrel and Brent crude added one cent to US$56.35 a barrel.

On the forex market, the ringgit was flat against the Us dollar at 4.1390. It rose 0.1% against the pound sterling at 5.3989 and was unchanged against the Singapore dollar at 2.9788.
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