KLCI mildly lower at midday as axiety grows over US-China tensions

TheStar Fri, May 29, 2020 12:58pm - 3 years View Original


KUALA LUMPUR: The FBM KLCI stumbled in early trade amid a pause in the global rally as the dispute over Hong Kong's independence from China sought to reignite US-China trade tensions.

After logging gains over two consecutive sessions, the Malaysian benchmark shed over eight points in a bout of profit taking earlier in the day.

However by midday, the index had retraced its losses to end just 0.48 points lower at 1,457.02.

Amid the selling pressure, traders continued to chalk up impressive volumes with 4.27 billion shares exchanging hands to a value of RM2.93bil.

Glove maker Careplus topped the most actively traded list with 2.67 million shares, and surged 23 sen to RM1.34, while Edupec was flat at three sen and XOX rose one sen to 7.5 sen.

Among the leading gainers of the day, Power Root was seen jumping 34 sen to RM2.58 after a positive earnings result yesterday. Meanwhile Pentamaster rose 33 sen to RM4.92 and Adventa climbed 36 sen to RM1.72.

Index-linked stocks helping to prop up the market included Top Glove up 26 sen to RM13.36, CIMB rising seven sen to RM3.58 and Maybank rising three sen to RM7.44.

Losers included Maxis down six sen to RM5.33, IHH falling seven sen to RM5.39 and Tenaga dropping eight sen to RM11.82.

Oil prices slipped as the worsening US-China relations threatened to derail a deman recovery. US crude fell 21 cents to US$35.08 barrel and Brent dropped 54 cents to US$33.17 a barrel.

In currencies, the ringgit was flat against the US dollar at 4.3470, it fell 0.25% against the Singapore dollar at 3.0745 and dropped 0.1% against the pound sterling at 5.3620.

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