Business

Bursa hit by uncertainties of upcoming G20 summit

bursa higher

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Nov 28 2018 : Bursa Malaysia opened marginally higher but retreated thereafter on mild profit-taking, as emerging markets were hit by volatility due to the upcoming G20 summit, dealers said. 

At 9.03 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.94 points lower at 1,683.03 versus yesterday’s close of 1,684.97.

The index opened 0.83 of-a-point higher at 1,685.80.

On the broader market, gainers, however, outpaced losers 122 to 61, with 130 unchanged, 1,601 counters untraded and 73 suspended.

Volume stood at 44.28 million units valued at RM37.29 million.

A dealer said investors were cautious over US President Donald Trump and China’s Xi Jinping’s meeting later this week during the G20 summit in Buenos Aires on whether both parties would reach a truce in the escalating trade war.

Meanwhile, Maybank Investment Bank Bhd said the recovery in the oil price in overnight trading failed to boost local stock markets on Monday which remained focused on corporate results that would likely remain volatile.

“Technically, we expect the FBM KLCI to range between 1,675 and 1,700 today. Downside supports are 1,680 and 1,658,” it said in a note today. 

Among heavyweights, Maybank rose two sen to RM9.42, Public Bank added six sen to RM24.86, while Petronas Chemicals was flat at RM9.27 and CIMB eased three sen to RM5.67.

Tenaga, which is also topping the losers counter, fell 48 sen to RM14.24, while F&N dipped 36 sen to RM33.02 and Magnum shed eight sen to RM1.94. 

For actives, Hibiscus Petroleum added 3.5 sen to RM1.02, Genting Malaysia rose five sen to RM3.05 while AirAsia X was flat at 22 sen. 

The FBM Emas Shariah Index decreased 19.18 points to 11,724.44, the FBM Ace Index was 3.96 points lower at 4,891.54 but the FBM 70 was up 55.43 points at 13,728.31.

The FBM Emas Index gained 5.13 points to 11,677.60 and the FBMT 100 Index bagged 4.15 points to 11,536.87.

Sector-wise, the Plantation Index advanced  37.19 points to 7,033.59, the Industrial Products and Services Index was 0.41 of-a-point weaker at 172.10 and the Financial Services Index was 34.22 points firmer at 17,357.58. – Bernama

 

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News sourced from Bernama, Reuters, AFP and other accredited news agencies, including credible blogsites and news portals.