KLCI holds steady as newsflow turns negative
KUALA LUMPUR: The FBM KLCI erased earlier gains to end the morning session on a flat note as developments on the external environment turned negative.
The index had risen as much as 3.8 points before profit-taking ensued, ending 0.21 points higher at 1,689.27 points at midday break. While keeping slightly ahead of the previous session close, the FBM KLCI remained at risk of falling below the 50-day simple moving average.
The index had risen as much as 3.8 points before profit-taking ensued, ending 0.21 points higher at 1,689.27 points at midday break. While keeping slightly ahead of the previous session close, the FBM KLCI remained at risk of falling below the 50-day simple moving average.
Trading volume was 1.77 billion shares valued at RM922.23mil. There were 381 decliners versus 313 advancers and 346 counters unchanged.
News reports that US-China trade talks were hitting a brick wall came through the wires even as a White House official said US President Donald Trump would sign a compromise on spending for his border security wall but will declare a national emergency to allocate funds to the measure.
Global markets retreated on the news with the Shanghai Composite Index falling 0.6% by noon. Japan's Nikkei was simiarly rattled, sliding 1.2% into the red, while Hong Kong's Hang Seng slid 1.6%.
The ringgit weakened against the US dollar amid the backdrop of a prolonged trade war, slipping 0.15% to 4.0813. It also fell 0.25% against the Singapore dollar at 3.0043 and was little changed against the pound sterling at 5.2234.
The downturn in economic sentiment rolled off oil markets as the Opec and Russia supply cuts coupled with US sanctions on Venezuela and Iran helped to push Brent crude above US$65 a barrel for the first time in 2019.
US crude was 33 cents higher at US$54.74 a barrel while Brent crude gained 45 cents to US$65.02 a barrel.
Bursa Malaysia stocks that were most actively traded were Bumi Armada down 0.5 sen to 24 sen, Sapura Energy down 0.5 sen to 30 sen and Tatt Giap trading unchanged at 10 sen.
While most KLCI-linked counters were up, the biggest movers were decliners IHH sliding 16 sen to RM5.60, Maybank losing 10 sen to RM9.45 and CIMB dropping eight sen to RM5.70.
News reports that US-China trade talks were hitting a brick wall came through the wires even as a White House official said US President Donald Trump would sign a compromise on spending for his border security wall but will declare a national emergency to allocate funds to the measure.
Global markets retreated on the news with the Shanghai Composite Index falling 0.6% by noon. Japan's Nikkei was simiarly rattled, sliding 1.2% into the red, while Hong Kong's Hang Seng slid 1.6%.
The ringgit weakened against the US dollar amid the backdrop of a prolonged trade war, slipping 0.15% to 4.0813. It also fell 0.25% against the Singapore dollar at 3.0043 and was little changed against the pound sterling at 5.2234.
The downturn in economic sentiment rolled off oil markets as the Opec and Russia supply cuts coupled with US sanctions on Venezuela and Iran helped to push Brent crude above US$65 a barrel for the first time in 2019.
US crude was 33 cents higher at US$54.74 a barrel while Brent crude gained 45 cents to US$65.02 a barrel.
Bursa Malaysia stocks that were most actively traded were Bumi Armada down 0.5 sen to 24 sen, Sapura Energy down 0.5 sen to 30 sen and Tatt Giap trading unchanged at 10 sen.
While most KLCI-linked counters were up, the biggest movers were decliners IHH sliding 16 sen to RM5.60, Maybank losing 10 sen to RM9.45 and CIMB dropping eight sen to RM5.70.
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