KLCI poised to end 1H2019 on tepid note

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KUALA LUMPUR (June 28): The FBM KLCI started the final trading day of the first half of 2019 on a tepid note and remained some 18 points down year-to-date.

At 9.05am, the FBM KLCI shed 0.52 points to 1,672.18.

The early decliners included Aeon Credit Service (M) Bhd, British American Tobacco (M) Bhd, Westports Holdings Bhd, SCGM Bhd, Bursa Malaysia Bhd, IHH Healthcare Bhd, Hong Leong Bank Bhd, Public Bank Bhd and Axiata Group Bhd.

Share markets in Asia edged higher early on Friday morning as investors clung on to hopes that a highly anticipated meeting between U.S. President Donald Trump and Chinese President Xi Jinping this weekend could lead to an easing of trade tensions, according to Reuters.

Yet the gains were small and underscored uncertainty over whether the talks will produce definitive progress in ending the year-long trade war between the world's two largest economies, it said.

CIMB Retail Research said the local market continued to trade in a tight range yesterday as investors stayed on the sidelines ahead of G-20 summit.

It said investors worldwide are looking for signs of what to expect from a meeting between Trump and Xi at the forthcoming G-20 summit in Osaka this weekend.

“There is “too much” optimism in the market that US-China trade talks may resume after the G-20 meeting.

“However, we are of the view that President Trump is extremely difficult to predict. Resistance: 1,682 & 1,700. Support: 1,657 & 1,643,” it said.