Bursa Malaysia opens lower on weak sentiment

KUALA LUMPUR: Bursa Malaysia extended losses to open lower today on continued selling activity across-the-board and on weak investor sentiment, dealers said.

At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 8.61 points to 1,566.29 from 1,574.90 on Tuesday.

The index opened 2.94 points weaker at 1,571.96.

On the broader market, losers led gainers 274 to 45, while 157 counters were unchanged, 1,499 untraded and 19 others suspended.

Turnover amounted to 200.21 million shares worth RM67.22 million.

Malacca Securities Sdn Bhd said the decline in local stocks is expected to continue over the near-term as fresh concerns over the slowing global economy could further undermine market confidence.

“Already, the key index is tethering near its year-low, which is also its lowest level in four years after yesterday afternoon’s selldown.

“With the selling likely to continue, much of it from foreign players on a flight to safety strategy, we see the key index continuing to reach lows not seen in more than four years as sentiment turns increasingly bearish,” it said in a research note today.

The stockbroking firm said weakness in the index could also heighten selling as more market players trim positions, which could also see the FBM KLCI potentially moving to the supports at 1,563 and 1,557, as the near-term outlook is frail.

On an upside, it said the resistance is at the 1,580 and 1,590 levels respectively.

Among heavyweights, Maybank fell one sen to RM8.52, Tenaga eased two sen to RM13.58, PBBank lost 26 sen to RM7.38, PChem slid eight sen to RM7.38, while IHH was flat at RM5.64.

Of the most actives, Armada eased half-a-sen to 30.5 sen, VSolar gained one sen to 8.5 sen, while Sapura Energy was flat at 27 sen.

Top losers, DLady gave up 60 sen to RM58.90, followed byPBBank, and Petronas Dagangan which decreased 26 sen to RM19.44.

The FBM Emas Index slipped 61.69 points to 11,088.23, the FBMT 100 Index was down 60.69 points to 10,920.35 and the FBM Emas Shariah Index slid 61.43 points to 11,657.95.

The FBM 70 depreciated 79.46 to 13,905.84 and the FBM Ace shed 25.91 points to 4,490.13.

Sector-wise, the Financial Services Index decreased 61.02 points to 15,162.29, the Plantation Index eased 17.66 points to 6,651.67 and the Industrial Products & Services Index was 0.89 of-a-point weaker at 151.68.

The physical price of gold as at 9.30am stood at RM195.58 per gramme, up RM2.35 from RM193.23 at 5.00pm yesterday. — Bernama

source https://www.thesundaily.my/business/bursa-malaysia-opens-lower-on-weak-sentiment-FA1442135