Shares on Bursa Malaysia easier at opening on mild selling

07 Dec 2018 / 09:54 H.

KUALA LUMPUR: Shares on Bursa Malaysia were easier at Friday’s opening on mild selling, as the arrest of a senior Chinese executive at tech giant Huawei, escalated fears that it could impact the progress of the US-China trade discussions, dealers said.

At 9.03 am, the key FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.04 points to 1,682.30 from Thursday’s close of 1,683.34.

The index opened 1.97 weaker at 1,681.37.

On the broader market, gainers were slightly higher than losers at 91 to 77, with 113 counters unchanged, 1,588 untraded and 24 others suspended.

Volume stood at 157.47 million units valued at RM25.93 million.

Huawei chief financial officer Meng Wanzhou was arrested in Canada and faces extradition to the US for purported violations of sanctions on Iran.

Stephen Innes, Head of Trading at Oanda Singapore said the Huawei headline could not have come at a worse time, with the market reeling as confusion reigned over the Group of 20 (G20) fallout.

“But, when you laminate trade war issues with observed dovish shifts from major central banks, it merely adds a whole new level of unwanted confusion entering year-end,” he said.

Meanwhile, the Organisation of the Petroleum Exporting Countries, which ended talks yesterday without a deal to cut oil production (for the first time in almost five years), sent oil prices lower by 0.60 per cent to US$59.70 per barrel.

Among the heavyweights, Maybank was flat at RM9.44, Public Bank declined 14 sen RM24.74, Tenaga eased two sen to Rm13.74, while Petronas Chemicals was seven sen weaker at RM9.20.

Among other actives, Tatt Giap, Perak Transit and MyEG rose one sen each to 2.5 sen, 27 sen and RM1.16 respectively, while Hubline was flat at four sen.

The FBM Emas Shariah Index gained 1.06 points to 11,616.32, the FBM 70 added 32.99 points at 13,497.02 and the FBM Ace Index was 12.67 points stronger at 4,742.47.

The FBM Emas Index appreciated 3.61 points to 11,606.91 and the FBMT 100 Index improved 1.09 points to 11,484.01.

Sector-wise, the Plantation Index advanced 22.99 points to 6,860.77 and the Financial Services Index edged up 18.99 points to 17,470.66, but, the Industrial Products and Services Index was 0.60 of-a-point weaker at 168.80.

Gold futures contracts on Bursa Malaysia Derivatives were unchanged this morning on a lack of demand.

At 9.40 am, December 2018 and January 2019 were each pegged at RM165.60 a gramme, February 2019 stood at RM165.70 a gramme, while March 2019 was unchanged at RM165.80 a gramme.

Volume was nil, while open interest amounted to 27 contracts.

At 9.30 am, the price of physical gold was up 49 sen to RM160.49 per gramme. — Bernama