KUALA LUMPUR, Aug 2 ― Bursa Malaysia remained in the red at mid-day today on continued selling activities in almost all index-linked counters as the market braced for another round of a trade war between the US and China.
At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 0.64 per cent or 10.52 points to 1,628.55, after fluctuating between 1,623.66 and 1,631.42 throughout the morning session.
The FBM KLCI opened 7.68 points weaker at 1,631.39.
On Bursa, overall market breadth remained negative as losers outnumbered gainers 619 to 134, while 328 counters were unchanged, 816 untraded and 28 others suspended.
Turnover amounted to 1.16 billion shares worth RM780.80 million.
A dealer said investors were holding their nerve following worrying developments surrounding the trade dispute between the world’s two largest economic powerhouses.
“Investors were hoping for a positive outcome from the latest meeting between both countries, but it unfortunately has escalated further, which increases the pressure on businesses,” she told Bernama.
The tension comes after President Donald Trump yesterday announced via Twitter that the US would impose another 10 per cent tariff on US$300 billion (RM1.24 trillion) of Chinese goods starting September 1.
Of the heavyweights on Bursa, Maybank and PChem each shed two sen to RM8.67 and RM7.45 respectively, Public Bank dropped eight sen to RM12.74, Tenaga fell 18 sen to RM13.84 and IHH declined one sen RM5.75.
Of the top losers, Nestle gave up RM1.30 to RM147.40 and HLFG lost 20 sen to RM17.74, followed by Tenaga.
Of the active stocks, KNM shed 1.5 sen to 39 sen, PA shed haf-a-sen to five sen and Netx was flat at 1.5 sen.
The FBM Emas Index slipped 80.58 points to 11,531.49, the FBMT 100 Index contracted 76.87 points to 11,359.41 and the FBM Ace declined 63.27 points to 4,710.17.
The FBM 70 was down 111.78 points to 14,382.60 and the FBM Emas Shariah Index gave up 96.44 points to 11,952.22.
Sector-wise, the Financial Services Index slid 67.76 points for 15,979.61, the Plantation Index shed 35.96 points to 6,686.98 and the Industrial Products and Services Index declined 0.65 of-a-point to 154.60. ― Bernama
