Business

Bursa extends losses as US stocks declined, uncertainties over China

bursa2

Syndicated News
Written by Syndicated News

KUALA LUMPUR, June 28 2018 : Bursa Malaysia extended losses from yesterday to open lower this morning, while tracking the overnight decline of stocks in the United States (US) and on uncertainty over the stance on Chinese investments by the US, dealers said. 

At 9.09 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 4.60 points weaker at 1,661.48 from yesterday’s close of 1,666.08.

The index opened 6.91 points lower at 1,659.17.

On the broader market, losers outpaced gainers 145 to 76, while 154 counters were unchanged, 1,547 untraded and 93 others suspended.

Volume stood at 100.31 million units valued at RM46.10 million.  

Kenanga Investment Bank Bhd said technically, the key index is not displaying any signs of recovery.

“Trend lines are highly negative and the index is likely to fall even lower to 1,615 with no positive catalyst at the moment to excite the market. 

“But should a positive turnaround emerge, we may see investors coming back in and the index may head back up to 1,720 and and possibly 1,760,” it said in a research note today. 

For heavyweights on Bursa, Maybank gained 11 sen to RM8.79, but Public Bank fell 14 sen to RM22.96, Tenaga was eight sen lower at RM13.74 and Petronas Chemicals eased five sen to RM8.40.

CIMB gained two sen to RM5.42, while IHH was flat at RM6.00.

Among actives, SKH added half-a-sen to 7.5 sen, EAH lost half-a-sen to two sen and BJCorp was flat at 29.5 sen.  

The FBM Emas Index shed 27.09 points to 11,761.57 and the FBM70 was 16.70 points easier at 14,391.55.

The FBMT100 Index slid 27.33 points to 11,554.08 and the FBM Emas Shariah Index gave up 45.20 points to 11,875.33.   

The FBM Ace Index was down 2.01 points to 5,076.09.

Sector-wise, the Finance Index however, bagged 5.93 points to 16,429.73, but the Plantation Index dropped 33.27 points to 7,460.14 and the Industrial Index lost 10.49 points to 3,092.86. – Bernama   

Comments

comments

About the author

Syndicated News

Syndicated News

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