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IHH drags KLCI into the red, markets eye US-China talks

IHH drags KLCI into the red, markets eye US-China talks

Selling pressure on IHH Healthcare bogged down blue chips in early Tuesday trade while key Asian markets focused on the new round of US-China trade talks.

At 9.30am, the FBM KLCI was down 1.06 points or 0.06% to 1,687.50. Turnover was 355.13 million shares valued at RM161.63mil. There were 248 gainers, 153 losers and 198 counters unchanged.

Asian shares barely budged as US and China they try to resolve a tariff dispute that has put a dent on global growth and corporate earnings, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan was unchanged in early trade. Japan’s Nikkei was up 1.1% after a market holiday on Monday.

Oil prices rose amid Opec-led supply cuts and US sanctions against Iran and Venezuela, although surging US production and concerns over economic growth kept markets in check.

US West Texas Intermediate (WTI) crude oil futures rose nine cents to US$52.50 per barrel while Brent crude futures were up 18 cents at US$61.69.

At Bursa, IHH was down 27 sen to RM5.33, Petrona Gas 14 sen to RM17.92 and Petronas Dagangan lost eight sen to RM26.04.

Ajinomoto and Dutch Lady fell 18 sen each to RM18.80 and RM61.80 but BAT rose 26 sen to RM37.66.

E&O lost 12 sen to 97 sen in active trade after proposing a RM500mil cash call.

CCM fell nine sen to RM1.88 and Caring eight sen to RM1.80. UOA Development lost six sen to RM2.31 after its subsidiaries were slapped with additional income taxes.

Aeon Credit gained 18 sen to RM16.68, Takaful 16 sen to RM4.59 and Subur Tiasa 12.5 sen to 66 sen and PPB 12 sen to RM18.82 while CIMB added nine sen to RM5.85.