Business

Bursa lower as investors await GDP announcement

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Syndicated News
Written by Syndicated News

KUALA LUMPUR, Aug 16 2019 : Bursa Malaysia opened lower today as investors await second-quarter and first-half gross domestic product (GDP) announcement by Bank Negara Malaysia this afternoon. 

The broader market was, however, positive with gainers edged losers 104 to 66, while 126 counters were unchanged, 1,634 untraded and 14 others suspended.

Turnover stood at 50.60 million units worth RM25.61 million.

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 3.83 points to 1,596.46, below the psychological support level of 1,590 from yesterday’s close of 1,600.29. 

The index opened 2.23 points lower at 1,598.06. 

Malacca Securities Sdn Bhd said the announcement of second-quarter growth will influence the direction of market barometer today.

“However, the ongoing results reporting season is seeing mixed-to-lower results that will still keep market conditions mostly guarded. 

“Despite the still insipid market conditions, we think that mild bouts of bargain hunting activities could help to prop-up the FBM KLCI and possibly allow it to end the week on a more positive note,” it said. 

The research house also said that with the key index holding on to the psychological 1,600 points level, the resistances would remain at 1,610 and 1,620 levels, while supports are at 1,580-1,590 levels.

“We see the mild positivity extending to the lower liners and broader market shares that could allow indices like the FBM Small Cap and FBM ACE to also end the week on a more positive note, albeit we continue to think that participation is likely to remain on the thin side due to the continuing cautiousness,” it said. 

As for the heavyweight performance, Kuala Lumpur Kepong lost 32 sen to RM23.58, Digi and Dialog both shed one sen to RM4.98 and RM3.51, respectively; while Press Metal and IHH both lost four sen to RM4.72 and RM5.64 respectively. 

For the most active stocks, Datasonic and Iris gained one sen to 91.5 sen and 16.5 sen respectively, Datasonic’s warrant was up half-a-sen to 43.5 sen and Genting Malaysia gained four sen to RM3.11 while Ekovest was flat at 81 sen.  

The FBM Ace added 24.44 points to 4,616.05, the FBM 70 down 20.95 points to 14,080.28, the FBM Emas Index lost 22.50 points to 11,294.98, the FBM Emas Shariah Index depreciated 38.53 points to 11,810.30 and the FBMT 100 Index slid 24.34 points to 11,132.06.

Sector-wise,  the Financial Services Index was 7.58 points lower at 15,548.80, the Plantation Index discounted 44.48 points to 6,758.95, and the Industrial Products and Services Index inched down 0.23 of-a-point to 149.40.  – 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.