KLCI slips as FTSE Russell retains Malaysian bonds on watch list

KUALA LUMPUR: Blue chips extended their losses early Friday, in line with the weaker key Asian markets with sentiment also weighed down after index provider FTSE Russell’s decision to retain Malaysian bonds on its watch list together with China.

At 9.24am, the FBM KLCI was down 3.74 points or 0.23% to 1,589.26. Turnover was 212.24 million shares valued a RM85.16mil. There were 155 gainers, 150 losers and 202 counters unchanged.

Asian shares were on course for a second straight week of losses on Friday as the release of a whistleblower complaint against US President Donald Trump heightened uncertainties about the global economy, already reeling from the US-China trade war, according to Reuters.

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.09%, having fallen 1.4% so far this week, while Japan’s Nikkei slid 0.54%. US S&P500 futures lost 0.08% in early Asian trading after the index lost 0.24% on Thursday.

Meanwhile, FTSE Russell retained Malaysian bonds on its watch list. Malaysia’s bonds were on review for a downgrade that would have excluded them from the World Government Bond Index (WGBI).

Malaysia’s bond market is the most foreign-owned in Asia, and the status-quo could weigh on the ringgit on Friday, Reuters reported.

Nestle fell 60 sen to RM144.90 with 100 shares done, BAT lost 10 sen to RM19.10 and Ajinomoto six sen lower at RM16.50.

Aeon Credit fell 38 sen to RM14.58, Hai-O 19 sen to RM2.54, Mulpha 10 sen to RM2, Bursa and Petronas Dagangan eight sen each to RM6.11 and RM23.28 while IHH shed six sen to RM5.65.

VS Industry fell three sen to RM1.34 despite record high earnings.

Scientex climbed 19 sen to RM9.08, Advanced Packaging 10 sen to RM2.14, KLCC eight sen to RM8.18, SCGM and Tenaga advanced six sen to RM1.22 and RM13.48 while Sime Plantation edged up five sen to RM4.93.

Source: TheStar