Trump threat sends Bursa, key Asian markets into the red

TheStar Mon, May 06, 2019 01:03pm - 4 years View Original


KUALA LUMPUR: Asian markets including Bursa Malaysia on Monday reeled from US President Donald Trump's fresh threat against China to raise tariffs on Chinese imports this week.

At 12.30pm, the FBM KLCI was down 11.34 points or 0.69% to 1,625.96. Turnover was 1.62 billion shares valued at RM828.52mil. Decliners hammered advancers more than seven to one or 732 to 106 and 284 counters were unchanged.

Among the Asian markets, Hong Kong's Hang Seng Index slid 3.31%, CSI 300 tumbled 5.51%, Shanghai Composite 5.19% lower and HS China Enterprise 3.62%. Among the Asean markets, Singapore STI tumbled 3.58%, the biggest in recent years and Jakarta 1.13%.

Trump pressed China to reach a trade deal by threatening to raise tariffs on US$200bil of goods to 25% come Friday from 10%, while further targeting billions more, negating all recent progress made in the US-China trade negotiations, Reuters reported. 

China, the biggest trading partner of Southeast Asia, was considering cancelling a round of US talks set for this week because of Trump’s comments, the Wall Street Journal reported.

At Bursa, Nestle fell RM1.20 to RM145.30 and wiped out 0.43  point from the KLCI. Carlsberg lost 54 sen to RM25.16, Heineken 34 sen to RM24.16 while F&N lost 28 sen to RM34.56.

Cement producer Tasek lost 29 sen to RM5.89 after the recent run-up, riding on the coat-tails of Lafarge which would be acquired by YTL Cement. Lafarge edged up one sen to RM3.73.

Power giant Tenaga lost 26 sen to RM12.04 and erased 2.28 points from the KLCI. Sime Darby was down eight sen to RM2.27. Genting was flat at RM6.89.

Hong Leong Bank lost 18 sen to RM19.82 and wiped out 0.6 of a point, Public Bank eight sen lower at RM22.46, CIMB and Maybank three sen each to RM5.21 and RM9.23 while RHB Bank lost 10 sen to RM5.84 and AmBank shed two sen to RM4.43.

US light crude oil skidded 2.3% or US$1.43 to US$60.51and Brent fell 2.17% or US$1.54 ro US$69.31.
 
Refiner Hengyuan lost 18 sen to RM5.87, Dialog nine sen lower at RM3.13 while Petronas Gas fell 16 sen to RM17.40, Petronas Chemical 15 sen to RM8.80 and Petronas Dagangan 12 sen to RM23.94.

Maxis rose five sen to RM5.37 while Axiata and Digi were suspended. 

Aeon Credit was the top gainer, up 18 sen to RM16.38, Ho Hup nine sen to 57 sen and Spritzer five sen to RM2.25.

Pentamaster lost 28 sen to RM4 but Unisem added six sen to RM2.59.
   
Among the Asian markets, Hong Kong's Hang Seng Index slid 3.31%, CSI 300 tumbled 5.51%, Shanghai Composite 5.19% lower and HS China Enterprise 3.62%. Among the Asean markets, Singapore STI tumbled 3.58%, the biggest in recent years and Jakarta 1.13%.

Trump pressed China to reach a trade deal by threatening to raise tariffs on US$200bil of goods to 25% come Friday from 10%, while further targeting billions more, negating all recent progress made in the US-China trade negotiations, Reuters reported. 

China, the biggest trading partner of Southeast Asia, was considering cancelling a round of US talks set for this week because of Trump’s comments, the Wall Street Journal reported.

At Bursa, Nestle fell RM1.20 to RM145.30 and wiped out 0.43  point from the KLCI. Carlsberg lost 54 sen to RM25.16, Heineken 34 sen to RM24.16 while F&N lost 28 sen to RM34.56.

Cement producer Tasek lost 29 sen to RM5.89 after the recent run-up, riding on the coat-tails of Lafarge which would be acquired by YTL Cement. Lafarge edged up one sen to RM3.73.

Power giant Tenaga lost 26 sen to RM12.04 and erased 2.28 points from the KLCI. Sime Darby was down eight sen to RM2.27. Genting was flat at RM6.89.

Hong Leong Bank lost 18 sen to RM19.82 and wiped out 0.6 of a point, Public Bank eight sen lower at RM22.46, CIMB and Maybank three sen each to RM5.21 and RM9.23 while RHB Bank lost 10 sen to RM5.84 and AmBank shed two sen to RM4.43.

US light crude oil skidded 2.3% or US$1.43 to US$60.51and Brent fell 2.17% or US$1.54 ro US$69.31.
 
Refiner Hengyuan lost 18 sen to RM5.87, Dialog nine sen lower at RM3.13 while Petronas Gas fell 16 sen to RM17.40, Petronas Chemical 15 sen to RM8.80 and Petronas Dagangan 12 sen to RM23.94.

Maxis rose five sen to RM5.37 while Axiata and Digi were suspended. 

Aeon Credit was the top gainer, up 18 sen to RM16.38, Ho Hup nine sen to 57 sen and Spritzer five sen to RM2.25.

Pentamaster lost 28 sen to RM4 but Unisem added six sen to RM2.59.

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