Business

Bursa lower as investors weigh mixed regional performance

bursa higher

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Jan 30 2019 : Bursa Malaysia opened marginally lower today on mild selling activities on selected heavyweights led by the finance stocks as investors weigh mixed performances on the regional markets, dealers said.  

At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.95 of-a-point lower at 1,689.46 from yesterday’s close of 1,690.41.  

The index opened 0.72 of-a-point lower at 1,689.69. 

Market breadth was however positive with gainers outpacing losers 134 to 68, while 133 counters were unchanged, 1,590 untraded and 102 others suspended.

Turnover was at 90.37 million shares worth RM37.03 million.

A dealer said investors took profits on some of the finance stocks after it rose yesterday, mainly Maybank, CIMB and Hong Leong Bank.

Meanwhile, Public Investment Bank Bhd said investors digested the last batch of corporate earnings in the US while waiting for fresh direction from the US Federal Reserve meeting and the US-China trade talks. 

“There was plenty of uncertainty in the United Kingdom too, as the markets watched the unfolding of the latest episode of Brexit drama in Westminster,” it said in a note today. 

Technically, Kenanga Investment Bank Bhd said it maintained a neutral outlook on the index as it is above the 20 and 50-day simple moving averages (SMAs), but the stochastic indicator is in the overbought zone.

“Should the trade talk turn out favourable, continuous positive momentum may see it trending higher to resistance levels at 1,730 and 1,800 possibly.

“Conversely, support levels can be identified at 1,650 and 1,600 further down,” said Kenanga in its note. 

Among heavyweights, Maybank lost five sen to RM9.64, Public Bank eased six sen to RM24.74, Tenaga and Petronas Chemicals recovered two sen each to RM13.52 and RM8.47 respectively, CIMB fell two sen to RM5.65 and Hong Leong Bank was flat at RM20.72.

Of the most active, Sinmah Capital added two sen to 21.5 sen, Hubline rose half-a-sen to 6.5 sen and Sapura Energy was flat at 27 sen.

The FBM Emas Index was 3.78 points firmer at 11,706.48, the FBMT 100 Index gained 3.46 points to 11,594.52 and the FBM Emas Shariah Index increased 14.05 points to 11,605.76. 

The FBM Ace Index added 11.39 points to 4,372.76 and the FBM 70 bagged 45.16 points to 13,911.96. 

Sector-wise, the Financial Services Index however fell 20.04 points to 17,601.78, the Plantation Index decreased 11.69 points to 7,252.12 but the Industrial Products and Services Index was 0.23 of-a-point higher at 161.75.  – 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.