Bursa Malaysia ends at intra-day low

KUALA LUMPUR: Bursa Malaysia closed on a weaker note yesterdaywiththekeyindexending at its intra-day low, pressured by selling in heavyweights and in line with most regional markets on lingering concerns over the USChina trade dispute, dealers said.

The barometer index was mainly weighed down by selling in the telecommunication sector stocks led by Axiata which contributed 3.413 points to the index.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 5.70 points to close at 1,794.47 versus Monday’s close of 1,800.17.

After opening 2.03 points lower today at 1,798.14, the index moved between 1,794.47 and 1,800.87 throughout the day.

However, on the broader market, gainers led losers by 393 to 384, with 397 counters unchanged, 724 untraded and 28 others suspended.

Volume increased to 1.86 billion units worth RM1.92 billion, from 1.64 billion units valued at RM1.50 billion recorded on Monday.

AdealersaidAsianstockmarkets were mostly lower on fears that the latest development in the US-China trade conflict might impact the outlook for global trade, coupled with uncertainties surrounding the US interest rate hike.

“The Chinese government in the latest episode was reported to have accused the US President Donald Trump administration of bullying other countries, resulting in dampening hopes for a settlement in their escalating tariff war.

“Investors were also cautious ahead of the two-day Federal Open Market Committee meeting. Markets will be looking at announcements emerging from the meeting in order to gauge the extent of the rate hike, going forward,” he said.

Meanwhile, he added that oil and gas stocks continued to attract interest after oil prices advanced overnight, with Brent crude oil price breaching US$80 per barrel.

The Hong Kong and South Korea bourses were closed for holidays.

In regional markets, Singapore’s Strait Times index added 0.53 per cent to 3,236.08, Japan’s Nikkei 225 increased 0.29 per cent to 23,940.26, Shanghai’s SSE Index fell 0.58 per cent to 2,781.14, Indonesia’s Jakarta Composite Index eased 0.13 per cent to 5,874.30 and the Philippines PSE Index slipped 1.36 per cent to 7,332.17.

Among heavyweights, Maybank added one sen to RM9.80, Tenaga fell four sen to RM15.48, Petronas Chemicals shed five sen to RM9.41, CIMB Group eased three sen to RM6.00, while Public Bank was flat at RM25.00.

For further information on stocks and prices, please visit www.bursamalaysia.com.