Bursa lower on subdued demand

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Sept 25 2019 : Bursa Malaysia opened marginally lower today on subdued demand with investors remaining tepid on the volatile global outlook. 

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) declined a marginal 0.23 of-a-point to 1,592.10 from 1,592.33 yesterday.

The index opened 0.19 points higher at 1,592.52.

On the broader market, losers surpassed gainers 105 to 88, while 150 counters were unchanged, 1,662 untraded and 23 others suspended.

Turnover amounted to 141.45 million shares worth RM78.18 million.

Malacca Securities in its equity note today said with Malaysian stocks continuing to lose ground, the near term outlook is also likely to stay indifferent, leading equities to be subdued for a longer period.

“The wariness will be compounded by the impeachment process against President Trump and his labelling of China as a currency manipulator could again complicate the U.S’ trade talks with the former and potentially delay an outcome to the trade war,” it said. 

On the broader market, the lower liners and broader market shares could stay subdued longer as the insipid market conditions will also keep most retail players on the sidelines, for now, it said.

“Coupled with the weakening trend among key global equity indices, the FBM KLCI’s downside risk remains and the 1,590 support will be threatened again. Below that level, the other support is at the 1,580 level, while the resistances are at the 1,600 and 1,610 levels respectively.

Global key indices such as Dow Jones was down 0.84 per cent yesterday to close at 26,807.77, Japan Nikkei slid 0.71 per cent to 21,942.15 and Singapore Straits Times declined 0.39 per cent to 3,143.26. 

On the local front, an analyst also said that investors are also waiting for the release of Malaysia’s inflation data today and FTSE Russell’s decision on the Malaysian government bonds’ participation in the World Government Bond Index (WGBI).

On heavyweights performance, Maybank was down one sen to RM8.64, Public Bank slid eight sen to RM20.02, Petronas Chemical declined one to RM7.45, Maxis reduced three sen to RM5.56 and Axiata dropped two sen to RM4.30. 

As for the actives, MTAG was up 6.5 sen to 59.5 sen, while Eduspec, Sapura energy and Istone were all flat at 4.5 sen, 29 sen and 18.5 sen. 

The FBM Emas Index slipped 1.53 points to 11,250.80, the FBMT 100 Index erased 0.90 points to 11,083.61, and the FBM Emas Shariah Index gained 3.80 points to 11,797.17.

The FBM 70 appreciated 1.89 points to 13,944.58 while the FBM Ace declined 14.76 points to 4,545.13.

Sector-wise, the Financial Services Index reduced 24.18 points to 15,384.82, the Plantation Index recovered 8.04 points to 6,776.32 and the Industrial Products & Services Index was 0.17 of-a-point weaker at 152.77. – Bernama



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Syndicated News

Syndicated News

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