KLCI joins regional markets in retreating ahead of G20 meeting

KLCI joins regional markets in retreating ahead of G20 meeting
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KUALA LUMPUR (June 27): The FBM KLCI continued its losing streak for the third day in a row due to profit-taking activities in selected heavyweights, in anticipation of the G20 summit this evening.

The benchmark index closed 0.57 points or 0.03% lower at 1,672.13. The index was mostly in the positive territory during the second half of the trading session today, before the last minute selling.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the KLCI has erased all its earlier gains in the final trading hour as investors took profits in selected index heavyweights.

"The negative performance today is as investors opt to stay out of the market due to the uncertainty of the Sino-US talks' progress," Leong told theedgemarkets.com.

He noted that the weakness today was also in line with the negative performance across other Asian benchmark indices.

Among decliners, Maxis Bhd fell 23 sen or 3.97% to close at RM5.57.

Overall, some 2.22 billion shares worth RM1.84 billion were traded on Bursa Malaysia. Losers led gainers by 413 to 334, while 450 counters remained unchanged.

Elsewhere in Asia, Japan's Nikkei 225 dropped 0.29%, South Korea's Kospi fell 0.17% and Hong Kong's Hang Seng was down 0.28%.

Reuters reported that Asian shares stumbled today and gold jumped amid rising doubts that the highly anticipated meeting between US President Donald Trump and Chinese President Xi Jinping could lead to an easing of trade tensions.

Uncertainty over whether the talks will produce progress in ending the year-long trade war between the world's two largest economies comes amid signs of rising risks to global growth, the newswire added.