KLCI reverses gains as UMW, Tenaga drag amid fresh Trump tariff threats

TheEdge Tue, Jun 11, 2019 10:25am - 4 years View Original


KUALA LUMPUR (June 11): The FBM KLCI reversed its earlier gains and fell at mid-morning today, dragged by losses at UMW Holdings Bhd and Tenaga Nasional Bhd.

At 10.05am, the FBM KLCI was down 3.97 points to 1,651.50. The index had earlier risen to a high of 1,657.36.

Losers led gainers by 244 to 209, while 316 counters traded unchanged. Volume was 569.01 million shares valued at RM322.74 million.

The top losers included UMW, Tenaga, PPB Group Bhd, Petronas Gas Bhd, Hong Leong Bank Bhd, Enra Group Bhd, RHB Bank Bhd and New Hoong Fatt Holdings Bhd.

The actives included Ekovest Bhd, DWL Resources Bhd, Iskandar Waterfront City Bhd, Lambo Group Bhd, Iris Corp Bhd, Bumi Armada Bhd, Malton Bhd and Reach Energy Bhd.

The gainers included Panasonic Manufacturing Malaysia Bhd, Amway (M) Holdings Bhd, Perusahaan Sadur Timah Malaysia (Perstima) Bhd, Magni-Tech Industries Bhd, SAM Engineering & Equipment (M) Bhd, Hong Leong Industries Bhd, Malaysian Pacific Industries Bhd and Aeon Credit Service (M) Bhd.

Asian stocks made modest gains on Tuesday after the Trump administration shelved plans for tariffs against Mexico, lifting Wall Street, however, fresh US trade threats against China are expected to limit any major investor sentiment boost, according to Reuters.

US President Donald Trump said on Monday he was ready to impose another round of punitive tariffs on Chinese imports if he cannot make progress in trade talks with Chinese President Xi Jinping at the G20 summit, it said.

Hong Leong IB Research said that in the US, the upward move could still sustain on the back of the US-Mexico deal.

However, it said the ongoing trade tension between the US and China may still cap the upside potential on Wall Street as investors may stay cautious ahead of the G20 summit, where Trump and Xi are supposed to meet and continue trade talks.

"Should any negative surprises surface ahead of G20, it may pose downside risk for Wall Street. At this juncture, the Dow's trading range will be between 25,500-26,500.

"With the emergence of better market sentiment following the breakthrough [in] the US-Mexico trade disputes, we believe the short-term upward trend could persist.

"In addition, market participants are likely to restart the speculation on Bandar Malaysia project, which may lead to further trading activities amongst the construction stocks, which have been bashed down over the past month. Meanwhile, healthy foreign trade inflows should be able to support overall KLCI trend in the near term," it said.

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