Index eases on trade tensions, weaker ringgit

SHARE prices on Bursa Malaysia were lower yesterday, weighed down by escalating trade tensions between the United States and China, softening of the ringgit and weakness in commodities.

The FTSE Bursa Malaysia KLCI (FBM KLCI) finished 5.82 points lower at 1,633.55 against Tuesday’s close of 1,639.37, with consumer product stocks driving losses.

The index opened at 1,635.56, down by 3.81 points, and hovered between 1,627.38 and 1,635.56 points throughout the day.

Overall, losers outnumbered gainers 551 to 265, with 396 counters unchanged, 694 untraded

and 19 others suspended.

Turnover decreased to 2.47 billion shares worth RM2.06 billion from 3.02 billion shares worth RM2.25 billion.

Banking stocks were mostly higher, led by RHB, which rose 13 sen to RM5.82, while AMMB added 11 sen to RM4.55 and Hong Leong was six sen higher at RM19.86.

Among the heavyweights, Maybank fell two sen to RM8.97, Public Bank declined eight sen to RM22.40, Petronas Chemicals decreased 13 sen to RM8.92 and Tenaga Nasional was 12 sen weaker at RM12.02.

Of the actively-traded stocks, Bumi Armada slipped one sen to 20.5 sen, IFCA shed half-a-sen to 46.5 sen and Ekovest eased one sen to 90 sen. Econpile rose 1.5 sento69sen.

The FBM Emas Index fell 48.22 points to 11,538.02, the FBMT 100 slipped 47.97 points to 11,368.04 and the FBM 70 slid 90.40 points to 14,288.03.

The FBM Emas Shariah Index declined 67.28 points to 11,764.53 and the FBM Ace Index was down 51.61 points to 4,557.88.

Main Market volume fell to 1.35 billion shares valued at RM1.8 billion from 1.97 billion shares valued at RM2.02 billion.

Warrants turnover decreased to 554.39 million units worth RM170.12 million versus 578.04 million units worth RM165.19 million.

Volume on the ACE Market advanced to 562.39 million shares valued at RM89.53 million against 472.65 million shares valued at RM54.17 million.

Meanwhile, the FBM KLCI futures contract on Bursa Malaysia Derivatives closed lower.

May 2019, June 2019 and September 2019 fell seven points each to 1,633, 1,633 and 1,629.5, respectively, while December 2019 was five points weaker at 1,628.

Turnover rose to 7,892 lots from 7,863 lots on Tuesday, while open interest fell to 30,922 contracts versus 31,462 contracts.