Bursa Malaysia extends losses, opens lower


KUALA LUMPUR: Bursa Malaysia extended yesterday’s losses to opened lower today, taking the cue from the overnight slip on Wall Street, amid a backdrop of continuing US-Sino trade spat, dealers said.

At 9.05 am, the key FTSE Bursa Malaysia KLCI (FBM KLCI) fell 7.70 points to1,643.04 from 1,650.74 at 5pm on Wednesday.

The barometer index opened 6.66 points lower at 1,644.08.

Market breadth was negative as losers led gainers 111 to 80, with 142 counters unchanged, 1,555 untraded and 30 suspended.

Turnover stood at 79.91 million worth RM48.29 million.

Malacca Securities Sdn Bhd said prolong uncertainties over the US-China trade dispute has led to cautious sentiments in the Malaysian stocks, which might linger into the upcoming G20 summit in Tokyo later this month with President Donald Trump expected to ramp up his tariff rhetoric.

Locally, there were few leads following the completion of the recent corporate earnings reporting season that saw the continuing mixed performance.

“In our view, the market’s gain over the past month largely reflected the improved earnings outlook and this is leaving little room for significant near term upsides.

“Therefore, we think the indifferent trend may persist in view of the lack of new leads and this could see the FBM KLCI linger within a narrow range between the 1,645 and 1,660 levels for now,“ it said.

With the mixed performance by the lower liners and broader market after their respective recovery in the past few sessions, the trend could prevail, for now, it added.

Among heavyweights, Maybank slipped two sen to RM8.98, Tenaga fell 14 sen to RM12.40, Petronas Chemicals slid five sen to RM8.28, CIMB eased one sen to RM5.29 while Public Bank was flat at RM23.48.

Of the actively-traded stocks, debutant on ACE market Greatech gained five sen to 66 sen, Scomi added one sen to 10.5 sen, DWL Resources eased half-a-sen to 62.5 sen while Sapura Energy and Daya Material were flat at 30 sen and one sen respectively.

The FBM Emas Index fell 40.49 points to 11,590.42, the FBMT 100 Index decreased 42.15 points to 11,439.01 and the FBM Emas Shariah Index declined 56.31 points to 11,788.76.

The FBM Ace reduced 17.59 points to 4,431.36 and the FBM 70 shed 6.89 points to 14,397.11.

Sector-wise, the Financial Services Index was 16 points lower at 16,820.21 and the Industrial Products & Services Index eased 0.31 of-a-point to 159.94 and the Plantation Index slipped 26.11 points to 6,842.24. — Bernama



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