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KLCI falls 0.82% as escalating trade war rattles region

TheEdge Mon, Aug 05, 2019 12:52pm - 6 months ago

KUALA LUMPUR (Aug 5): The FBM KLCI fell 0.82% at the midday break today to its lowest level in two months, tracking the losses at regional markets on escalating trade war.

At 12.30pm, the FBM KLCI fell 13.33 points to 1,613.43. The index had earlier fallen to a low of 1,611.83.

Losers thumped gainers by 568 to 65, while 496 counters traded unchanged. Volume was 1.46 billion shares valued at RM761.09 million.

The top losers included Dutch Lady Milk Industries Bhd, Fraser & Neave Holdings Bhd, Carlsberg Brewery Malaysia Bhd, Nestle (M) Bhd, Time Dotcom Bhd, Kuala Lumpur Kepong Bhd, Public Bank Bhd, Petronas Dagangan Bhd and Genting Plantations Bhd.

The actives included Priceworth International Bhd, NetX Holdings Bhd, KNM Group Bhd, Eduspec Holdings Bhd, Ekovest Bhd and Sapura Energy Bhd.

The gainers included Hong Leong Industries Bhd, United Plantations Bhd, Tasek Corp Bhd, Paramount Corp Bhd, Kluang Rubber Company (Malaya) Bhd, Apex Equity Holdings Bhd, Westports Holdings Bhd and SLP Resources Bhd.

Southeast Asian stock markets took a beating on Monday, with Philippines and Singapore sinking about 2%, as the Sino-US trade war intensified, while weakening services sector data from China added to the gloom, according to Reuters.

Risk appetite was all but erased as a sudden escalation by US President Donald Trump last week broke a month-long trade truce, with China vowing to counter what it called an "irrational, irresponsible act", it said.

Affin Hwang Capital Research said the FBM KLCI Index ended last week on a sour note, falling 12.31 points or 0.75%, closing at 1,626.8.

It said market breadth was negative, with 215 gainers compared to 691 losers.

"Trading volume was at 2.22 billion shares while value traded stood at RM1.76 billion.

"The Index gapped lower once again at the start of the session. However, this time, buyers failed to close the gap as sellers took control, pushing price lower from the open.

"The current leg of downward movement remains strong as prices continue to register lower highs and lower lows on Friday. Anticipate to resume downward movement," it said.

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