Bursa lower, tracking declining oil prices, worsening US-China negotiations

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Written by Syndicated News

KUALA LUMPUR, May 6 2019 : Bursa Malaysia open lower today, in line with some of its regional peers as they tracked the declining global crude oil prices and the worsening US-China trade negotiations, a dealer said.

At 9.02 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 5.14 points to 1,632.16, from Friday’s close of 1,637.30.

The benchmark index opened 5.26 points weaker at 1,632.04. 

On the broader market, losers led gainers 232 to 73, with 139 counters unchanged, 1,641 untraded and 33 others suspended.

Turnover stood at 137.50 million shares worth RM53.32 million.

“The US President, Donald Trump has made a “smart” move yesterday in his twitter account, saying that we would raise tariffs to 25 per cent from 10 per cent on US$200 billion of Chinese goods. He would also aim a further US$325 billion of Chinese goods with 25 per cent tariffs.

“He just killed the trade negotiations with China with the announcement. They were supposed to end the long-standing trade dispute but apparently that is not happening and I’m afraid we will be seeing more reds on Bursa Malaysia especially on the technology and commodity-related companies,” the dealer said.

Among heavyweights, Maybank fell one sen to RM9.25, Public Bank dropped 14 sen to RM22.40, Petronas Chemicals inched down two sen to RM8.93 and Tenaga shed 12 sen to RM12.18.

Of the actively-traded stocks, Ekovest slipped 2.5 sen to 93 sen, Hibiscus Petroleum lost six sen to RM1.03 while both Iris and Bumi Armada eased half-a-sen each to 18 sen and 21.5 sen respectively.

The FBM Emas Index fell 46.54 points to 11,565.22, the FBMT 100 Index was 42.33 points weaker at 11,389.63 and the FBM Emas Shariah Index declined 50.76 points to 11,729.01.

The FBM 70 reduced 79.60 points to 14,441.79 and the FBM Ace erased 30.62 points to 4,615.41.

Sector-wise, the Financial Services Index fell 37.60 points to 16,895.33, the Plantation Index slid 7.7 points to 7,194.17 and the Industrial Products & Services Index was 0.35 of-a-point lower at 168.99. – Bernama



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