KLCI slips at midday on global trade concerns

by TMR

Malaysia’s KLCI traded marginally lower at midday on nervy trading sentiment as Washington nears the deadline for its proposed tariffs on Chinese imports to the US.

At 12.30pm today, the local equity market fell 0.62 points at 1,687.83. After opening 1.77 points higher at 1,690.22, the index trading volubly between a high and low of 1,691.62 and 1,686.90 respectively.

A total of 1.27 billion shares were traded for RM668.89 million during the day as losers led gainers 345 to 326, while 350 counters were unchanged and 846 untraded.

Top losers comprised Allianz Malaysia Bhd, United Plantations Bhd, Public Bank Bhd, Heineken Malaysia Bhd and Batu Kawan Bhd.

Gainers were Carlsberg Brewery Malaysia Bhd, British American Tobacco (M) Bhd, Nestle (M) Bhd, Supermax Corp Bhd and Muda Holdings Bhd.

On a year-to-date basis, the KLCI is trading at a negative 6.07% return.

Asian and regional markets were largely down for the day with Japan’s Nikkei 225 down 212.07 points at 21,504.97 and Korea’s KOSPI down 16.20 points at 2,249.26.

Hong Kong’s Hang Seng shed 33.67 points though Singapore’s STI was slighty higher at 3,246.64 (up 1.75 points).

US markets were closed for holidays.