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Weak start to November for Bursa, Asian markets

KUALA LUMPUR: Key Asian markets including Bursa Malaysia started November on a cautious note as investor confidence was weighed down by fresh concerns about the US-China trade tensions on Friday.

At 9.24am, the FBM KLCI was down 5.11 points or 0.32% to 1,592.87. Turnover was 438.24 million shares valued at RM121.71mil. There were 176 gainers, 204 losers and 243 counters unchanged.

Reuters reported Chinese officials doubt that a comprehensive long-term trade deal with Washington and US President Donald Trump is possible.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.09% on the day, and about 0.5% lower than three-month highs touched Thursday.

MSCI’s gauge of equity performance in 47 countries fell from 20-month highs. The index continued to ease on Friday, trimming 0.07%. Japan’s Nikkei slid 0.63% in early trade, and Australian shares were 0.12% lower, Reuters reported.

At Bursa, local institutions were net buyers on Thursday at RM119.8 while foreign funds turned net sellers at RM117.7mil and local retail investors at RM2.1mil.

BAT was the top loser, down 42 sen to RM18.40 while Nestle lost 20 sen to RM144.50.

Public Bank’s rally the previous day was halted as investors took profit, sending the share price down 34 sen to RM19.96 while HLFG lost 22 sen to RM17.20 with 100 shares traded. However, Hong Leong Bank topped the gainers list, up 28 sen to RM17.16 and RHB Bank five sen higher ar RM5.80.

SCIB, Tenaga and Gamuda fell six sen each to RM1.56, RM13.80 and RM3.68 respectively. YINSON lost five sen to RM6.86 and GMutual four sen to 25.5 sen.

KL Kepong rose 14 sen to RM21.80 while Heineken and Mesiniaga advanced six sen each to RM25.62 and RM1.28.

Source: TheStar