Local equities weighed down by rout in oil markets

Local equities weighed down by rout in oil markets

KUALA LUMPUR: The local stock exchange slid in morning trade as the rout in oil prices continued with Brent slipping below US$60 a barrel.

Investor sentiment has been weak ahead of the G20 Summit where the US and China will hold talks over the ongoing trade tensions while the world’s largest producers of crude – the US, RUssia and Saudi Arabia – may discuss global oil supply plans on the sidelines.

At 12.30pm, the FBM KLCI was down 5.36 points to 1,690.52. Trading volume was 955.6 million shares valued at RM537.65mil. There were 435 decliners versus 249 advancers and 297 counters unchanged.

Among the top declining stocks, Dufu dropped 19 sen to RM3.42, CMSB slid 17 sen to RM3.22 and GCB dropped 13 sen to RM2.81.

Advancers included AirAsia gaining 19 sne to RM3.08, United Plantation rising 18 sen to RM27 and Can-One adding 18 sen to RM2.18

On the 30-stock FBM KLCI, Sime Darby Plantation led losses with a 12 sen slide to RM5.06 on the back of disappointing earnings results announced on Friday.

IHH weighed eight sen to RM4.72 while IOI dropped six sen to RM4.35.

Maxis lifted 11 sen to RM5.42 while Petronas Dagangan gained 18 sen to RM27.08.

Oil prices rebounded slightly after the heavy selloff in the previous session. Brent rose 86 cents to US$59.66 while WTI gained 44 cents to US$50.86 a barrel.

In currencies, the ringgit was slightly lower against the US dollar at 4.1937. It rose 0.25% against the pound sterling at 5.3741 and was flat against the Singapore dollar at 3.0528.

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