Bursa and key Asian markets fall, Tenaga, Public Bank down

KUALA LUMPUR: Bursa Malaysia and key Asian markets fell in early Monday trade on mounting worries about the escalating US-China trade war and its fallout on the global economy.

At 9.03am, the FBM KLCI was down 15 points or 0.93% to 1,594.33. Turnover was 135.02 million shares valued at RM53.11. Decliners hammered advancers 308 to 40 while 137 counters were unchanged.

Asian shares were a sea of red as the latest salvo in the trade war shook confidence in the world economy and sent investors rushing to sovereign bonds, gold and the Japanese yen, Reuters reported.

The Chinese yuan also came under pressure, with the dollar quoted up at 7.1710 and markets braced for more intervention from Beijing to support the currency.

MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.8%, and Australia 1.7%. Japan’s Nikkei lost 2.3%, while E-Mini futures for the S&P 500 were down 1.0%.

At Bursa, MAHB fell 23 sen to RM8.40, Tenaga and Public 22 sen lower at RM13.54 and RM20.60 while Petronas Gas fell 20 sen to RM15.80 and BAT 18 sen to RM20.92.

DRB-HICOM fell 26 sen to RM2.69 in active trade. RHB Research Institute is maintaining its Buy call on the company’s shares with a higher target price of RM3.35 from RM3.05,14% upside plus 0.3% yield.

Nestle rose 30 sen to RM149.30 and F&N gained 26 sen to RM35.76 with 100 shares done.

Source: TheStar