FBM KLCI down as China-US trade spat hits sentiment

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KUALA LUMPUR (Aug 24): The FBM KLCI fell 8.09 points or 0.45% on profit taking and as global investors took cue from news on a new round of tariffs in the China-US trade spat.

At 12:30pm, the KLCI settled at 1,802.78. Investors took profit today after the index rose 12.76 points yesterday to close at 1,810.87.

Today, Bursa Malaysia saw 927.18 million shares worth RM774.9 million traded as at 12:30pm.

TA Securities Holdings Bhd wrote in a note: "The two-tier performance on the local market, with blue chips rising in contrast to lower liners and small caps which remain in correction mode, could persist if local fund buying support sustain, but concerns over escalating US-China trade tensions should encourage profit-taking."

Reuters reported that Asian stocks fell on Friday after US-China trade talks ended without progress, with the markets braced for a speech by Federal Reserve Chairman Jerome Powell for hints on the direction of US monetary policy.

US and Chinese officials ended two days of talks on Thursday with no major breakthrough. Meanwhile their trade war escalated with activation of another round of duelling tariffs on US$16 billion worth of each country's goods.