KUALA LUMPUR: Bursa Malaysia followed key Asian markets lower early Wednesday as investor sentiment was hit by the overnight decline on Wall Street amid uncertainties about the US-China trade war truce.
At 9.04am, the FBM KLCI was down 8.99 points or 0.53% to 1,686. Turnover was 108.33 million shares valued at RM62.92mil. Decliners beat advancers 249 to 44 while 103 counters unchanged.
Asian stocks fell, dragged by Wall Street's tumble as sharp declines in long-term US Treasury yields and resurgent trade concerns stoked investor worries about global economic growth.
Global equities have been shaken as a flattening U.S. Treasury yield curve - a result of a steep fall in longer-dated yields - fanned recession jitters and as U.S.-China trade conflict woes resurfaced after a temporary lull, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.6%. Australian stocks lost 1.3% while Japan's Nikkei fell 1.15% and South Korea's KOSPI lost 1%.
Maybank Investment Bank Research said despite a recovery in both the ringgit and oil price, domestic sentiment could track overnight US market performance as global equities markets were back in turmoil amid the vulnerable US-China trade relations.
“Technically, we expect the KLCI to range between 1,670 and 1,710 today. Downside supports are 1,680 and 1,658,” it said.
F&N fell the most, down 70 sen to RM32.50 while BAT lost 26 sen to RM36.70, Ajinomoto 12 sen to RM19 and Nestle 10 sen lower at RM147.70.
Chips makers also fell with MPI down 34 sen to RM10.46 and Kesm 26 sen to RM8.20.
UMW lost 16 sen to RM5.48, Genetc 11 sen to RM1.61 and Petron 10 sen to RM7.
Techbond surged 16.5 sen to 82.5 sen with 24.44 million shares done when it made its debut on the Main Market.
Bumi Armada
was flat at 17 sen, GettingM lost three sen to RM2.93.
Yinson gained nine sen to RM4.39 and Top Glove seven sen higher at RM5.97.
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