US-China trade war sends KLCI into the red

KUALA LUMPUR: There was no respite for key Asian markets including Bursa Malaysia as the growing US-China trade tensions saw investors retreating early Monday.

At 9.26am, the KLCI was down 8.98 points or 0.55% to 1, 617.78. Turnover was 317.65 million shares valued at RM101.30mil. There were 106 gainers, 301 losers and 217 counters unchanged.

Asian shares extended their losses as a sharp escalation in the US-China trade war kept financial markets on edge, while the Japanese yen and bonds held near recent peaks as nervous investors stuck with perceived safe havens, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell for a seventh straight day to a two-month trough of 502.83, down 0.25%, marking the longest stretch of losses since October 2018.

Japan’s Nikkei slipped 1.1% to the lowest since early June, while Australian shares were also down for their fourth straight session in the red. South Korea’s Kospi tumbled 1.2% to hit the lowest since December 2016.

At Bursa, F&N fell the most, down 46 sen to RM34.04 while Nestle lost 20 sen to RM147.30.

Petronas Dagangan lost 34 sen to RM23.32 and KL Kepong 28 sen to RM23.48 while Public Bank gave up 16 sen to RM21.62 and HL Bank 10 sen to RM17.64.

G3-WA snapped its rally, down 15 sen to RM2.08.

However, Paramount warrants jumped 30 sen to 30.5 sen on the first trading day.

Tasek added 25 sen to RM5.80 and SunCon eight sen to RM2.17.

Source: TheStar