Bursa Slips For Third Straight Day; Axiata, CIMB Weigh - Bursa Malaysia eased further in early Wednesday trade as heavyweights Axiata and CIMB weighed on the market.
This comes as Asian shares moved cautiously higher amid announcements that the US-China trade dispute was moving closer to a resolution even as US President Donald Trump said he was "not really" pleased with the progress so far.
At 9.15am, the FBM KLCI was 6.14 points lower at 1,838.89. Trading volume was 1.45 million shares with a value of RM75.76mil. There were 165 decliners versus 119 advancers and 175 counters unchanged.
The local benchmark index, which slipped below the 50-day simple moving average on Monday, has been on a decline all week. At current levels, the index has breached the supporting line of 1,842 with bearish indicators suggesting further downside.
The effect of foreign selling of local equity had begun to show over the trading week as the net outflow continued.
Axiata slipped 42 sen or 8.7% to RM4.65 as its recent earnings results disappointed, shaving 6.16 points off the index.
CIMB lost seven sen to RM6.58 while MISC took off 17 sen to RM6.50.
Petronas Gas fell 32 sen to RM17.66, F&N dropped 32 sen to RM36.64 and Pos Malaysia slipped 19 sen to RM3.60.
Among early gainers, Nestle rose a further 90 sen to hit RM150. Hengyuan, which had seen its short-selling activities suspended in the previous session after falling more than 15%, recovered seven sen to RM7.21.
MAHB picked up six sen to RM8.90 and Top Glove added six sen to RM10.32.
Meanwhile on the currency market, the ringgit slipped slightly against the US dollar to 3.9720.
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