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Weak start for Bursa as blue chips retreat

TheStar Mon, Jul 08, 2019 09:33am - 1 year ago

KUALA LUMPUR: Bursa Malaysia started the new week on Monday on a cautious note as profit taking saw the FBM KCI slump nearly seven points while Kim Hin Joo made a cautious debut on the ACE Market.

At 9.24am, the KLCI was down 6.92 points or 0.41% to 1,675.61. Turnover was 316.90 million shares valued at RM127.50mil. There were 119 gainers, 218 losers and 238 counters unchanged.

Asian shares slipped on Monday as investors wagered on a less aggressive policy easing in the United States, while the Turkish lira held near two-week lows after the country's president dismissed its central bank governor over the weekend.

Baby, children and maternity product retailer Kim Hin Joo fell 6.5 sen to 36.5 sen. Its offer price was 43 sen.

MAHB fell the most, down 15 sen to RM8.55 with 51,400 shares done, Hap Seng and Axiata lost 10 sen each to RM9.84 and RM5.10 while Hong Leong Bank gave up eight sen to RM18.94. Maxis and Genting fell seven sen each to RM5.62 and RM6.73.

Yinson extended its gains from last week, rising 18 sen to RM6.88, Perstima 12 sen to RM4.70, SAM Engineering and KFima eight sen each to RM8.43 and RM1.79 while Boustead climbed five sen to RM1.21.

Crude prices rose on Monday, adding to gains in the previous session on better-than-expected US jobs data, although gains were tempered by worries over the prolonged US-China trade war, Reuters reported.

Brent crude futures were up 10 cents, or 0.2%, by 0048 GMT at US$64.33. US West Texas Intermediate (WTI) was up 14 cents, or 0.2%, at US$57.65 a barrel.

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