Business

Bursa lower across the board

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Syndicated News
Written by Syndicated News

KUALA LUMPUR, Aug 13 2019 : Bursa Malaysia opened lower across the board today in line with regional peers as the global market grapples with the unresolved U.S-China trade dispute and the prognosis of slower corporate earnings growth.

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) declined 3.66 points to 1,611.39, after opening 0.20 points easier at 1,614.85.  

On the broader market, losers outpaced gainers 190 to 51, while 154 counters were unchanged, 1,511 untraded and 18 others suspended.

Turnover stood at 111.02 million units worth RM53.18 million.

The Straits Times Index was 15.75 points lower to 3,168.94, Japan’s Nikkei was 258.02 points lower to 20,399.80 while Hong Kong’s Hang Seng was 114.58 points lower to 25,824.72. 

Malacca Securities Sdn Bhd in a research note said uncertain outcome from the trade dispute between the world’s two top economic powerhouses has contributed to slowing down of global economic growth prospects, which has directly impacted corporate earnings. 

“As it is, global equities are still consolidating and this will sustain the choppy trend on Bursa Malaysia stocks over the near term. Under the prevailing environment, the downside bias is set to continue and send the key index lower over the near term,” it said. 

As for the support level, it said that it would range between 1,600-1,610 with the resistances between 1,620 and 1,630.

For the heavyweight counters, Maybank shed four sen to RM8.56, Public Bank fell 22 sen to RM21.30, Yinson fell 27 sen to RM6.57, Petronas Chemical drops 10 sen to RM7.30 while Press Metal shed RM4.76. 

For the most active stocks, Bumi Armada and Ekovest were half a sen lower to 22.5 sen and 82 sen respectively, Genting Malaysia was four sen lower to RM3.18 while Iris and NETX were flat at 16 sen and 1.5 sen respectively. 

The FBM Ace dropped 13.81 points to 4,683.83, the FBM 70 shed 65.45 points to 14,238.92, the FBM Emas Index loss 29.44 points to 11,410.89, the FBM Emas Shariah Index depreciated 13.97 points to 11,912.60 and the FBMT 100 Index eased 31.67 points to 11,241.2.

Sector-wise,  the Financial Services Index was 66.90 points lower for 15,775.09, the Plantation Index discounted 4.30 points to 6,723.11, and the Industrial Products and Services Index inched down 0.97 of-a-point to 151.67.  

The market was closed yesterday in conjunction with Hari Raya Aidiladha celebration. – Bernama

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