Bursa remains low amid escalating US-China trade war

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Written by Syndicated News

KUALA LUMPUR, May 9 2019 : Bursa Malaysia opened lower amid cautious sentiment, due to the escalating US-China trade war.

At 9.02 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 4.29 points to 1,629.26, from yesterday’s close of 1,633.55.

The index opened 3.94 points easier at 1,629.61. 

Losers were slightly higher than gainers 77 to 39, with 76 counters unchanged, 1,629 untraded and 23 others suspended.

Turnover stood at 53.27 million shares worth RM40.46 million.

Market sentiment would likely continue to be dampened by the US’ threat to raise the tariff on Chinese goods at the end of the week.

“The decision by US President Donald Trump will keep stocks on Bursa Malaysia muted longer,” said Malacca Securities Sdn Bhd.

Despite the lingering uncertainties, the research house foresees some near term reprieve for the local stocks as the selling pressure could be easing, allowing shares on Bursa Malaysia to find some short-term stability.

“We also think the lower liners and broader market shares could find some near term stability, but fresh buying may also be lacking amid the generally tepid market environment. Therefore any upsides will also be measured, in our view”.

Among heavyweights, Maybank and Tenaga rose two sen each to RM8.99 and RM12.04 respectively, while Public Bank and Petronas Chemicals shed six sen each to RM22.34 and RM8.86 respectively.

Of the actively-traded stocks, Lafarge eased one sen to RM3.72, Lambo inched down half-a-sen to 7.5 sen, Econpile was flat at 69 sen while Impiana Hotels was half-a-sen better at 21 sen.

The FBM Emas Index slipped 24.26 points to 11,513.76, the FBMT 100 Index erased 25.53 points  to 11,342.51 and the FBM Emas Shariah Index decreased 34.45 points to 11,730.08.

The FBM 70 lost 14.51 points to 14,273.52 and the FBM Ace fell 9.36 points to 4,548.52.

Sector-wise, the Financial Services Index down 16.34 points to 16,689.90, the Industrial Products & Services Index was 0.50 of-a-point lower at 167.30 while the Plantation Index added 0.04 of-a-point to 7,165.82. – Bernama



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