Bursa lower at midday as trade war fears continue

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: Bursa slipped into a sea of red in the morning session as fears over the looming US taxes on Chinese imports shook global markets.

The Shanghai Composite Index extended its losses by a further 0.9%, dragging down one day ahead of the July 6 deadline on the trade tariffs.

At 12.30pm, the FBM KLCI was 0.62 points lower at 1,687.83 after having spent the mid-morning session in postive territory. Turnover was muted to the tune of 1.27 billion shares with a value of RM668.89mil. There were 345 decliners versus 326 advancers and 350 counters unchanged.



led the decline with an 18 sen drop to RM22.80. This was offset by another heavyweight, Maybank, which rose eight sen to RM9.06.

Also on the slide were Tenaga Nasional, losing four sen to RM14.36, Axiata dropping three sen to RM4.18, and CIMB slipping one sen to RM5.45.

Maxis gained three sen to RM5.39, IHH Healthcare added two sen to RM6.03 and Petronas Gas rose six sen to RM17.46.

On the broader market, Carlsberg put on 48 sen to RM19.76, BAT added 36 sen to RM34.36 and Supermax rose 16 sen to RM4.58.

Allianz dipped 38 sen to RM12.32, lost 14 sen to RM17.76 and Aeon Credit slid 12 sen to RM14.60.

Oil prices dropped on Thursday as the market reacted to US President Donald Trump’s tweet requesting that prices be brought lower.

WTI crude fell 27 cents to US$73.87 a barrel and crude dropped 56 cents to US$77.68 a barrel.

In currncies, the ringgit was trading flat against the at 4.0460. It weakened 0.20% against the pound sterling at 5.3512 and strengthened 0.14% against the dollar at 2.9605



Source: The Star





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