Bursa retreats after higher opening

After opening higher, profit-taking sends the Bursa into negative territory in early trade. — File pic
After opening higher, profit-taking sends the Bursa into negative territory in early trade. — File pic

KUALA LUMPUR, May 18 — Bursa Malaysia was slightly lower in early trade today on profit-taking as investors remained wary over elevated US Treasury yields and ongoing US-China trade talks.

At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.14 of-a-point lower at 1,854.3 from yesterday's close of 1,854.44.

The index opened 4.18 points higher at 1,858.62.

A dealer said US President Donald Trump’s comment on US-China trade negotiations which he doubted would be successful, raised concerns over a prolonged trade war between China and US.

Meanwhile, the yield on the 10-year US Treasury note climbed to 3.122 per cent in the last session, the highest level since August 2008, while yields on the two-year and five-year Treasury notes, as well as the 30-year Treasury bond, also touched multi-year highs.

Among heavyweights, Maybank was down four sen to RM10.78, Petronas Chemicals slipped two sen to RM8.66 and CIMB lost six sen to RM6.75.

TNB bagged two sen to RM15.92, while Public Bank was flat at RM24.34.

For actives, MyEG perked 7.5 sen to 98 sen, Hubline and Eduspec added one sen each to 10 sen and 11.5 sen respectively, and Globaltec climbed half-a-sen to five sen.

Sapura Energy lost one sen to 75.5 sen.

The FBM Emas Index went up 7.65 points to 12,901.66, the FBMT 100 Index increased 8.08 points to 12,695.91 and the FBM Emas Shariah Index improved 11.17 points to 12,985.12.

The FBM 70 jumped 40.55 points to 15,107.81 and the FBM Ace advanced 46.04 points to 5,436.35.

Sectorwise, the Finance Index was 19.859 points lower at 18,299.71, while the Plantation Index increased 11.64 points to 7,947.38 and the Industrial Index improved 3.51 points to 3,304.79.

On the broader market, gainers led losers 150 to 141, while 168 counters were unchanged, 1,423 untraded and 20 others suspended.

Volume stood at 201.48 million units valued at RM99.26 million. — Bernama

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