Business

Bursa extends losses, in tandem with oil prices pullback

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Sept 19 2019 : Bursa Malaysia opened lower today as uncertainties surrounding the U.S-China trade negotiations continue to weigh on market sentiments.

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) lost 1.77 points to 1,597.72 from yesterday’s close of 1,599.49.

The index opened 0.84 of-a-point easier at 1,598.65.

However, gainers beat losers 96 to 84, with 162 counters unchanged, 1,637 untraded and 15 others suspended.

Turnover stood at 64.98 million shares worth RM29.58 million.  

Malacca Securities Sdn Bhd said stocks on Bursa Malaysia extended yesterday’s losses as expected, in tandem with the pullback in global oil prices.

“However, it would appear that the broad market conditions are still iffy, unable to shake off the generally indifferent market conditions as both market breadth and depth remains insipid – highlighted by the still thin volumes as there are fewer compelling buys.

“Consequently, we think that the mostly indifferent market trend is likely to persist, even after the US Federal Reserve has reduced interest rates for the second time this year, which was widely anticipated,” it said in a research note today.

The research house said, more importantly, there continues to be a lack of catalysts and the subsequent interest in Malaysian stocks that will continue to hold back the performance of Bursa Malaysia stocks over the near term.

“Therefore, we expect the key index to hover within a tight trading range of between the 1,590 and 1,610 levels over the near term, while the other support and resistances are at the 1,580 and 1,600 points respectively,” it said.

Among heavyweights, Maybank, Public Bank, TNB and Petronas Chemicals were flat at RM8.70, RM20.16, RM13.60 and RM7.69 respectively, while CIMB Group rose one sen to RM5.02, Hong Leong Bank increased 10 sen to RM16.60 and Maxis fell one sen to RM5.64.

Of the top losers, Nestle contracted 50 sen to RM146.00, Malaysian Pacific Industries eased 27 sen to RM9.09 and KL Kepong deducted 20 sen to RM23.16.

Among the actively-traded stocks, Green Packet and Sapura Energy both gained half-a-sen to 71 sen and 29.5 sen respectively, while KNM Group went up one sen to 40.5 sen.

The FBM Emas Index declined 7.77 points to 11,291.70, the FBMT 100 Index dropped 8.94 points to 11,124.81 and the FBM Emas Shariah Index went down 13.65 points to 11,848.05.

The FBM 70 appreciated 2.86 points to 14,005.04 but the FBM Ace fell 5.79 points to 4,525.24.

Sector-wise, the Financial Services Index rose 11.46 points to 15,461.51, the Plantation Index weaker by 59.47 points to 6,765.62 and the Industrial Products & Services Index was 0.24 of-a-point lower at 154.34. – 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.