Bursa Malaysia opens higher but turns easier thereafter

KUALA LUMPUR: Bursa Malaysia opened higher today but turned easier thereafter following the announcement of US President Donald Trump's move to shoot down Trans-Pacific Partnership (TPP) trade deal which could trigger weaker sentiment in Asian markets, including Malaysia, a dealer said.
At 9.11am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.64 of-a-point easier at 1.670.67, after opening 3.7 points higher at 1,674.37.
The index closed at 1,671.31 yesterday.
Gainers edged losers by 105 to 81 with 150 counters unchanged, 1,398 untraded and 35 others suspended.
Turnover stood at 90.44 million shares worth RM39.31 million.
US played a major role in the TPP and if the country were to close its doors to trade, it would have a negative impact on the global economic development.
Twelve countries that border the Pacific Ocean signed up to join the TPP in February 2016, representing roughly 40% of the world's economic output.
The pact aims to deepen economic ties among among the countries and to foster trade and boost growth.
The member states are: Japan (the only country to have already ratified the pact), Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru.
The FBM Emas Index was 0.99 of-a-point lower at 11,698.58 and the FBM Emas Syariah Index increased 5.37 points to 12,199.15. But the FBMT100 Index edged down 0.63 of-a-point to 11,403.69.
The FBM 70 improved 13.59 points to 13,351.52, but the FBM Ace eased 0.52 of-point to 4,932.86.
Sector-wise, the Plantation Index decreased 2.54 points to 7,892.84, the Industrial Index fell 5.03 points to 3,150.23, but the Finance Index dropped 1.09 point to 14,766.50.
Of the heavyweights, Maybank and Petronas Chemicals each gained two sen to RM8.30 and RM7.15, respectively while Public Bank dropped 12 sen to RM20.04 and Sime Darby dwindled two sen to RM8.68.
Tenaga was flat at RM13.90.
Nestle fell 40 sen to RM74.60, SP Setia decreased 13 sen to RM3.14, Public Bank and Hap Seng each dropped 12 sen to RM20.04 and RM8.75, respectively.
Gold futures contracts on Bursa Malaysia Derivatives were untraded in the early session today.
January 2017, February 2017, March 2017 and April 2017 all stood at RM171.90, RM172, RM172.45 and RM172.50 a gramme respectively.
Turnover was nil, while open interest amounted to 266 contracts.
At 9.30am, the price of physical gold was up 44 sen at RM167.71 a gramme from RM167.27 a gramme recorded on Monday. — Bernama