Bursa erases gains after Trump threatened new tariff on China

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Nov 13 2019 : Bursa Malaysia erased yesterday’s gains to open flat today after US President Donald Trump threatened more tariff on China if a trade deal does not materialise, casting doubts over the ongoing trade negotiations.

At 9 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 1.65 points to 1,608.08 against yesterday’s close of 1,609.73. 

At the opening bell, the key index opened 1.15 points higher at 1,610.88.

On the broader market, gainers were slightly above losers 114 to 106, with 195 counters unchanged, 1,586 untraded and 19 others suspended.

Turnover amounted to 111.72 million shares worth RM39.85 million.

During his speech to the Economic Club of New York, Trump said the US will hike tariffs on Chinese goods if an agreement is not reached, stoking more uncertainty to the already nervous global market.

However, Malacca Securities Sdn Bhd still think that the continuing institutional support will keep the local key index afloat for a longer period with bouts of intraday profit-taking remaining a feature for now.

“The lower liners and broader market shares are staying mixed with the trend set to continue for now amid the continuing toppish technical indicators.

“Just like the heavyweights, we still think that there will be continuing intraday consolidation on many of the stocks as they also continue to adjust from overbought that will also see the choppy trend remaining for now,” it said.

Of the heavyweights, Maybank fell one sen to RM8.78, Tenaga was flat at RM13.68, Public Bank slipped six sen to RM19.92 while CIMB was one sen better at RM5.30.

As for the top gainers, Cycle & Carriage Bintang jumped 44 sen to RM2.11, Batu Kawan added 10 sen to RM15.50 and UWC improved eight sen to RM2.89.

Of the actives, Iris and Trive Property were flat each at 14 sen and 1.5 sen respectively, while Prestariang eased two sen to 46.5 sen.

The FBM Emas Index slipped 10.49 points to 11,390.51, the FBMT 100 Index weakened 12.22 points to 11,201.40 and the FBM Emas Shariah Index erased 6.61 points to 11,933.14.

The FBM Ace rose 23.53 points to 4,907.03 but the FBM 70 was 18.51 points weaker at 14,119.44.

Sector-wise, the Financial Services Index declined 11.28 points to 15,690.63, the Plantation Index gave up 4.87 points to 6,963.82 while the Industrial Products & Services Index went up 0.02 point to 156.40. – Bernama



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