Business

Bursa continues bearish streak as investors minimise risks

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Syndicated News
Written by Syndicated News

KUALA LUMPUR, Sept 6 2018 : Bursa Malaysia continued its bearish streak to open easier this morning, as investors remained on the sidelines to minimise risks ahead of the long-weekend and as trade concerns continued to loom over equity market sentiment worldwide.

Bursa Malaysia is expected to continue its downward trajectory, but  rotational play by exporters, amid the weak ringgit, is expected.

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.17 of-a-point lower at 1,795.33 from yesterday’s close of 1,795.50.

The index opened 0.32 of-a-point better at 1,795.82.

Losers were slightly higher than gainers at 109 to 107, with 147 remaining unchanged, 1,509 untraded and 36 others suspended.

Volume stood at 91.46 million units valued at RM27.71 million.

Investors could also turn risk-off ahead of the long break and with the uncertainty over the ringgit’s trend, said Maybank Research.

Monday is a public holiday in lieu of the King’s birthday on Sunday and Tuesday is also a holiday for Awal Muharam, the Islamic New Year.

Kenanga Investment Bank said the longer-term technical outlook for the benchmark index remained positive with key momentum indicators showing positive signals, but, the subdued ringgit may have an adverse effect on the stock market.

Meanwhile, Public Investment Bank Bhd said the key index’s fast paced weekly moving average convergence/divergence remains bullish, but with weakening upward momentum.

“As the movement is being overwhelmed by persisting bearishness, there is a need for the key index to cling to its support level of 1,783 to have the overall uptrend remain intact,” it said in a note.

Among heavyweights, CIMB gained two sen to RM5.89, Maybank declined four sen to RM9.83, PBBank slid one sen to RM24.88, while Tenaga and PChem both lost two sen each to RM15.70 and RM9.41 respectively. 

Among losers, Nestle eased 20 sen to RM146.30, HEIM fell eight sen to RM21.20, AirAsia dropped seven sen to RM3.09, while Airport (MAHB) and Mulpha were each six sen lower and stood at RM9.18 and RM2.16.

Among actives, BornOil was half-a-sen higher at six sen, AMedia perked one sen to 13.5 sen, PWorth inched down half-a-sen to 4.5 sen, MyEG declined one sen to RM1.63 and SapNRG was unchanged at 34 sen.

The FBM Emas Index declined 3.86 points to 12,562.94, the FBMT 100 Index shed 4.54 points to 12,371.77 and the FBM 70 fell 18.02 points to 14,987.76.But, the FBM Emas Shariah Index gained 2.76 points to 12,694.16 as the FBM Ace Index rose 20.03 points to 5,186.05.

Sector-wise, the Finance Index lost 23.29 points to 17,750.62, but the Industrial Index advanced 5.35 points to 3,221.38 and the Plantation Index was up 2.41 points to 7,511.12. – Bernama

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Syndicated News

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News sourced from Bernama, Reuters, AFP and other accredited news agencies, including credible blogsites and news portals.