Business

Bursa lower, tracking subdued Wall Street

Syndicated News
Written by Syndicated News

KUALA LUMPUR, July 8 2019 : Bursa Malaysia opened lower today, tracking Wall Street’s subdued closing last Friday.

At 9.07am,  the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 5.16 points to 1,677.37 from Friday’s close of 1,682.53.

At the opening, the index went down 2.88 points to 1,679.65.

Market breadth was negative with 124 decliners outpacing 108 gainers, while 193 counters unchanged, 1,422 untraded and 20 others suspended.

Turnover stood at 127.58 million units worth RM46.71 million.  

Public Investment Bank Bhd in a note said the FBM KLCI opened weaker today following last Friday’s dismal performance by the US stocks after the government’s monthly payrolls report estimated the economy added a better-than-expected 224,000 jobs in June, thus reducing the possibility of multiple rate cuts by Federal Reserve at year-end.

The Dow Jones Industrial Average shed 43.88 points to finish at 26,922.12 and the S&P 500 index declined 5.41 points to close at 2,990.41.

Among heavyweights, Maybank and CIMB shed two sen each to RM8.95 and RM5.35 respectively, Tenaga lost four sen to RM13.56, Petronas Chemicals eased one sen to RM8.62 and Public Bank was flat at RM23.00.

Of the actives, Sumatec Resources, Daya Materials and Ekovest trimmed half-a-sen each to three sen, one sen and 86.5 sen respectively, Green Packet and Sapura Energy were flat at 39 sen and 30 sen, respectively, while PCCS Group rose 2.5 sen to 62.5 sen.

Meanwhile, ACE Market debutant, Kim Hin Joo (M) Bhd, declined 6.5 sen to 36.5 sen after opening four sen lower from its 43 sen offer price.

The baby, children and maternity product retailer had 8,861,800 shares transacted at press time.

The FBM Emas Index slid 26.02 points to 11,879.27 and the FBMT 100 Index declined 27.55 points to 11,713.87. 

The FBM Emas Shariah Index was 30.68 points weaker at 12,243.66, the FBM 70 trimmed 0.67 of-a-point to 14,889.3 and the FBM Ace decreased 12.63 points to 4,647.78.

Sector-wise, the Financial Services Index eased 20.74 points to 16,777.87, while the Industrial Products & Services Index gained 0.06 of-a-point to 162.58 and the Plantation Index added 1.12 points to 6,978.25. – Bernama

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