Bursa eases as investors stayed on sidelines for fresh market leads

Syndicated News
Written by Syndicated News

KUALA LUMPUR, May 30 2019 : Bursa Malaysia retreated from yesterday’s upswing and opened easier today as investors stayed on the sidelines for fresh market leads amid the weaker performance on Wall Street, dealers said.

At 9.05 am, the key FTSE Bursa Malaysia KLCI (FBM KLCI) lost 1.68 points to 1,621.99 after opening 2.69 points lower at 1,620.98.

The index closed 9.10 points higher at 1,623.67 yesterday.

However, gainers led losers at 94 to 92, with 120 counters unchanged, 1,654 untraded and 103 others suspended.

Turnover stood at 71.70 million worth RM59.89 million.

Malacca Securities Sdn Bhd in a note said the recent gains on Bursa Malaysia were superficial as there were not accompanied by improved fundamental outlooks.

“Therefore, we think that the gains are unlikely to be lasting as we expect profit taking to emerge after the past two session’s hefty gains.

“As it is, the sentiments on equities are still on the cautious side amid the prolonged trade war that is set to sap the global economic growth and the corresponding corporate earnings growth,” it said.

The Malaysian stocks would similarly be affected given its strong reliance on the external sector.

“Hence, we believe any uptick in Malaysian stocks will be temporary,” it said. 

Among heavyweights, Maybank eased one sen to RM9.04, TNB fell four sen to RM12.28, IHH Healthcare declined 19 sen to RM5.31 and Sime Darby Plantation reduced 10 sen to RM4.52.

Of the actively-traded stocks, AirAsia was up 35 sen to RM2.98, Vortex Consolidated, Ekovest and DGB Asia increased half-a-sen each to 20 sen, 78 sen and 10 sen respectively.

Meanwhile, a manufacturing of erosion control products company, Fibromat (M) Bhd debuted on LEAP market of Bursa Malaysia today at 32 sen,  a premium of three sen from the offer price of 29 sen, with 20,100 shares changing hands.

The FBM Emas Index rose 13.64 points to 11,381.88, the FBMT 100 Index perked 14.20 points to 11,240.48 but the FBM Emas Shariah Index fell 14.14 points to 11,539.42.

The FBM 70 advanced 122.84 points to 13,937.00 and the FBM Ace reduced 10.61 points to 4,280.86.

Sector-wise, the Financial Services Index improved 43.43 points to 16,656.13, but the Plantation Index erased 37.05 points at 6,790.25, the Industrial Products & Services Index was 0.03 of-a-point lower at 160.11. – Bernama



About the author

Syndicated News

Syndicated News

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