KL shares stuck in the red at mid-day

KL shares stuck in the red at mid-day

KUALA LUMPUR,. Shares on Bursa Malaysia remained in negative territory at mid-day today, dragged down by consistent selling and in line with Asian peers, dealers said.

At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 7.15 points lower at 1,692.57 from yesterday’s close of 1,699.72.

The index opened 2.91 points weaker at 1,696.81 and moved between 1,690.24 and 1,698.51 throughout the morning session.

On the broader market, outgunned gainers 476 to 232, with 285 counters unchanged, 1,868 untraded and 21 others suspended.

Volume stood at 1.6 billion units valued at RM843.73 million.

The dealer said analysts were concerned with the temporary tariff truce between the US and China.

“The market talk post the ‘dinner of the decade’ between the two largest economies in the world is that it is short term. We wonder if it was good enough for both the US and China to resolve the number of issues from technology development to trade,” he added.

For other heavyweights, Maybank fell two sen sen to RM9.41, Tenaga dropped 18 sen to RM14.12, Petronas Chemicals slid two sen to RM9.15, while Public Bank bagged two sen to RM24.90.

Of actives, Bumi Armada fell three sen to 16.5 sen, Sumatec shed half-a-sen to two sen, Sanichi was flat at 16.5 sen, while Tatt Giap was one sen better at 18 sen.

The FBM Emas Shariah Index declined 60.26 points to 11,727.23, the FBM 70 lost 96.74 points to 13,553.27 and FBM Ace Index was 29.39 points weaker at 4,837.67.

The FBM Emas Index decreased 58.82 points to 11,677.44 and the FBMT 100 Index eased 56.55 points to 11,548.96.

Sectorwise, the Plantation Index was down 36.13 points to 6,911.63, the Industrial Products and Services Index was 1.14 points weaker at 169.62, and the Financial Services Index depreciated 55.90 points to 17,430.28. — Bernama