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Bursa extends steep falls, key index at four-year low

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KUALA LUMPUR, Oct 4 2019 : Bursa Malaysia opened slightly lower today, extending two days of steep falls which left the key index at its four-year low, dealers said.

At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 2.53 points to 1,561.59 from 1,574.90 on Tuesday. 

The benchmark index opened 0.23 of-a-point easier at 1,563.89.

On the broader market, however, gainers outpaced losers 158 to 82, while 146 counters were unchanged, 1,600 untraded and 31 others suspended.

Turnover amounted to 88.75 million shares worth RM50.41 million.

Malacca Securities Sdn Bhd said a rebound is expected over the near term that could lead the key index to end the week on a more positive note.

“We see part of the impetus coming from the overnight gains on Wall Street, while the oversold conditions on the FBM KLCI could also prompt some bargain hunting activities to help the key index post a recovery.

“However, recovery could be on the mild side as there remains wariness over the market’s direction, but concurrently, market interest remains on the thin side and with fresh buying remaining elusive, we see benign gains ahead,” it said in a research note today.

The stockbroking firm said the near term targets are set at 1,572 and 1,580 levels respectively, while the supports are at 1,557 and 1,550 respectively.

Among heavyweights, Maybank recovered two sen to RM8.50, Tenaga was flat at RM13.58, PBBank rose 10 sen to RM19.38, PChem slid 15 sen to RM7.32, while IHH improved three sen to RM5.70.

Of the most actives, VSolar and MTAG gained half-a-sen each to eight sen and 44 sen respectively, while Foundpac added one sen to 42 sen.

The FBM Emas Index eased 7.70 points to 11,069.59, the FBMT 100 Index shed 8.77 points to 10,897.82 and the FBM Emas Shariah Index slid 2.16 points to 11,663.67.

The FBM 70 appreciated 25.54 to 13,820.42 but the FBM Ace reduced 32.75  points to 4,522.78.

Sector-wise, the Financial Services Index decreased 28.39 points to 15,050.95, the Plantation Index dropped 50.21 points to 6,586.07 and the Industrial Products & Services Index was 0.99 of-a-point weaker at 151.18. – Bernama

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