Bursa flat amid cautious market sentiment

Syndicated News
Written by Syndicated News

KUALA LUMPUR, May 7 2019 : Bursa Malaysia opened flat today amid cautious market sentiment, as trade talks between the US and China continues to add uncertainty to the global economic outlook.

At 9.01 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.72 points to 1,631.08, from yesterday’s close of 1,632.80.

The index opened 6.03 points weaker at 1,626.77. 

On the broader market, gainers edged losers 171 to 72, with 126 counters unchanged, 1,537 untraded and 19 others suspended.

Turnover stood at 208.21 million shares worth RM66.05 million.

Although the key index managed to recoup some of its intraday losses from yesterday, Malacca Securities Sdn Bhd said the near-term outlook remained frail, as the escalating trade war between the world’s two largest economies continues to dampen market sentiment.

The US had said it would raise tariffs on China made goods starting this Friday after trade talks stalled, with further talks still seen fraught by uncertainties.

The research house also expected frail market sentiment to be prolonged with most global equities remaining pressured amid the fresh threat of tariffs on China.

“These uncertainties will also extend to Malaysian stocks and is likely lead to heighten selling pressure,” it said in a note.

The lower liners and broader market shares are likely to consolidate further as the frail market sentiment is set to stay.

Among heavyweights, Maybank fell one sen to RM8.99, Public Bank dropped eight sen to RM22.48, Petronas Chemicals rose 11 sen to RM8.91, while Maxis was flat at RM5.43.

Of the actively-traded stocks, Bumi Armada added three sen to 24 sen, Ekovest inched up 2.5 sen to 93.5 sen, Xinghe eased half-a-sen to two sen and KNM was flat at 19 sen.

The FBM Emas Index rose 4.22 points to 11,546.39, the FBMT 100 Index was 1.26 points better at 11,377.44 and the FBM Emas Shariah Index increased 66.31 points to 11,751.17.

The FBM 70 added 54.28 points to 14,406.59 and the FBM Ace gained 11.40 points to 4,522.71.

Sector-wise, the Financial Services Index lost 176.00 points to 16,707.66, the Plantation Index advanced 20.94 points to 7,223.30 and the Industrial Products & Services Index was 0.70 of-a-point lower at 167.82. – Bernama



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