Business

Bursa lower, in tandem with global weakness

Syndicated News
Written by Syndicated News

KUALA LUMPUR, June 17 2019 : Bursa Malaysia opened easier in tandem with the global weakness and sluggish Chinese industrial data, putting pressure on the poor economic growth and weaker demand amid the ongoing US-China trade conflicts.

At 9.01 am, the key FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 0.56 of-a-point to 1,638.07 from 1,638.07 at 5 pm on Friday.

The barometer index opened 0.3 of-a-point better at 1,638.93.

Losers were slightly above gainers 108 to 102, with 172 counters unchanged, 1,498 untraded and 34 suspended.

Turnover stood at 83.08 million worth RM43.67 million.

Malacca Securities Sdn Bhd said market conditions on the local bourse remained insipid in the absence of new catalysts and still toppish conditions on the FBM KLCI could leave sentiments on the wayside again.

“As it is, concerns are still abound over the state of the global economy as the US-China trade dispute lingers. Hence, we think that the key index could continue to drift with the downside bias still very much the prevailing trend,” it said in a note.

The research house said the tide is also turning on the lower liners and broader market shares with early signs of weakness appearing after their recent uptrend.

It opined that profit taking activities may escalate as there are fewer available catalysts to lift market sentiments for now.

Among heavyweights, Maybank fell one sen to RM8.95, Public Bank lost four sen to RM23.08, Tenaga rose 12 sen to RM12.30 while Maxis was flat at RM5.58.

Of the actively-traded stocks, Greatech gained 0.4 sen to 85 sen, Malayan United industries and SMTrack improved one sen each to 25 sen and 18.5 sen respectively, while Priceworth was flat at 6.5 sen.

The FBM Emas Index erased 3.05 points to 11,561.60, the FBMT 100 Index decreased 3.36 points to 11,409.15 but the FBM Emas Shariah Index was 8.05 points higher at 11,796.29.

 The FBM 70 edged down 2.11 points to 14,378.92 and the FBM Ace shed 2.59 points to 4,384.95.

Sector-wise, the Financial Services Index was 27.37 points weaker at 16,704.10 and the Industrial Products & Services Index dropped 0.22 of-a-point to 160.13, but the Plantation Index was 1.09 points better at 6,872.17.  – Bernama

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