KLCI clings on to gains as Asian markets slip

KUALA LUMPUR: Bursa Malaysia clung on its hard-earned gains early Tuesday as investors stayed on the sidelines as key Asian markets slipped on escalating trade tensions between the US and China.

At 9.15am, the KLCI was up just 0.84 of a point or 0.05% to 1,612.98. Turnover was 230.32 million shares valued at RM105.45mil. There were 168 gainers, 163 losers and 199 counters unchanged.

Global stocks were hit by US-China trade frictions while the British pound flirted with 2 1/2-year lows as Prime Minister Boris Johnson indicated he could call an election to stymie lawmakers’ efforts to avert a no-deal Brexit, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.2% in early trade while Japan’s Nikkei was flat.

US bond yields were little changed in early Tuesday trade after a market holiday in the United States on Monday. The 10-year US Treasuries yield was flat at 1.506%.

At Bursa, F&N was the top gainer, up 60 sen to RM35.90 and BAT 16 sen to RM19.88 but Nestle retreated RM1.50 to RM146 and Dutch Lady 30 sen lower at RM63.

Petronas Dagangan rose 26 sen to RM23.14, Petronas Gas 12 sen to RM16.20. HL Bank added 12 sen to RM16.72 and KLCC nine sen to RM8.25.

Allianz rose 20 sen to RM14.98, Genting Plantation 18 sen to RM10.20 and SAM Engineering 12 sen to RM8.10.

Time dotCom gave up some of last week’s gains to shed 12 sen to RM9.01.

Source: TheStar