KUALA LUMPUR: Bursa Malaysia ended the morning session 0.94% weaker on Jan 6, slipping below the 1,600 benchmark as geopolitical uncertainties continued to rise in the Middle East.
At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,596.19 points after moving between 1,593.08 and 1,611.38 during the morning.
In terms of market breadth, losers trumped gainers 562 to 237, while 309 counters remained unchanged, 838 were not traded and 23 others suspended.
An analyst said the market would remain volatile with a downward bias for now due to trade uncertainties and geopolitical concerns.
“Stocks that have presence in the Middle East are affected by the rising tension, while banking and telecommunication heavyweights were among top losers for the morning session,” she said.
Of the actives, oil and gas counter Hibiscus Petroleum and its warrant both gained 4.5 sen to RM1.04 and 29.5 sen respectively, while Sapura Energy gained 1.5 sen to 29 sen.
O&G counters have been on a rally since morning following the rise in global oil prices following the volatility in the oil-producing Middle Eastern region.
Benchmark Brent Crude was recorded at US$70.44 per barrel at 12.30pm, rising by nearly 8% since the attack on Iraqi soil on Jan 3 where Iran’s top military commander was killed.
As for top losers, Nestle declined 70 sen to RM146.40, F&N shed 40 sen to RM34.18, PPB down 30 sen to RM18.66, Petronas Gas fell 28 sen to RM16.88 and Public Bank erased 24 sen to RM19.72. – Jan 6, 2020, Bernama