KUALA LUMPUR, May 13 2019 : Bursa Malaysia were lower in early trade today as uncertainties over the U.S-China trade negotiations continue to weigh on market sentiments.
At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) lost 1.05 points to 1,609.22 from Friday’s close of 1,610.27.
The index opened 0.28 of-a-point higher at 1,610.55.
Losers beat gainers 149 to 96, with 184 counters unchanged, 1,480 untraded and 24 others suspended.
Turnover stood at 99.28 million shares worth RM35.17 million.
Malacca Securities Sdn Bhd said that the downside pressure from the U.S-China trade talks still looms large after the US and China ended their trade negotiations without a deal last week, piling more uncertainties on global trade.
In addition, the US also raised tariffs on US$200 billion worth of Chinese goods to 25 per cent from 10 per cent on Friday.
Domestically, the lower liners and broader market shares are also experiencing a lull in buying interest as sentiments remain frail.
Therefore, the downside bias will still prevail for now and the pressure is set to keep prices depressed for the time being.
Having said that, Malacca Securities believe there are few noteworthy developments to provide the buying impetus with the recent interest rate cuts largely seen as a pre-emptive measure against the increasingly difficult global economic environment as the trade war between Washington and Beijing escalates.
“The FBM KLCI is set to head to fresh lows with the 1,600 points the next support, followed by the 1,592,” it said, adding that resistances are seeing at 1,618 and 1,625, respectively.
Among heavyweights, Maybank rose two sen to RM8.99, Tenaga added four sen to RM11.84, Public Bank was down two sen to RM22.24 while Petronas Chemicals was flat at RM8.89.
Of the actively-traded stocks, Nexgram was lower by half-a-sen to 1.5 sen, Advance Synergy rose one sen to 15 sen, while both Tiger Synergy and KNM were unchanged at four sen and 18 sen, respectively.
The FBM Emas Index declined 6.71 points to 11,368.25, the FBMT 100 Index dropped 8.26 points to 11,196.79 and the FBM Emas Shariah Index went down 15.38 points to 11,535.05.
The FBM 70 depreciated 14.22 points to 14,064.83 and the FBM Ace fell 24.15 points to 4,508.42.
Sector-wise, the Financial Services Index reduced 0.21 of-a-point to 16,565.97, the Plantation Index weaker by 30.90 points to 7,019.38 and the Industrial Products & Services Index was 0.12 of-a-point lower at 166.56. – Bernama