Business

Bursa mixed as data showed export decreased in Sept

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Nov 5 2019 : Bursa Malaysia opened mixed today as the latest trade data showed a decrease in the country’s export in September, prompting investors to stay on the sidelines in early trade. 

At 9.06 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.92 points lower to 1,601.64 compared with yesterday’s close of 1,603.56. 

The key index opened 4.94 points lower at 1,599.07.

On the broader market, losers overtook gainers 97 to 131, while 216 counters unchanged, 1,504 untraded and 16 others suspended.

Turnover amounted to 178.79 million shares worth RM55.58 million.

Kenanga Investment in its economic viewpoint today said that exports dropped to a 35-month low in September as trade surplus narrows. 

“Product-wise, the bleak figure was due to lower shipments of electrical and electronics, petroleum products and commodities especially palm oil. 

“By destination, the fall in exports was steered by faltered demand from the European Union and regional peers,” it said. 

Taking a cue from the data was heavyweight Petronas Chemical which shed 12 sen to RM7.50, Tenaga Nasional lost 10 sen to RM13.90, Hong Leong Bank declined 14 sen to RM17.02 and Press Metal shed nine sen to RM4.71. 

An analyst said the market will be quiet as investors await the overnight policy rate decision by Bank Negara Malaysia today. 

From the technical side, Malacca Securities Sdn Bhd in its equity note today said, the FBM KLCI’s recent gains are stronger-than-anticipated as institutional investors, particularly locals, are taking a cue from the increased positivity in global equity. 

“The market was lifted yesterday backed by institutional investors despite foreign players were net sellers. The gains send the key index further into the overbought zone with few signs of a pullback as yet,” it said. 

It added that unless there is a significantly firmer push, the upsides should be measured due to the overbought conditions.

“The resistances are now at 1,610 and 1,620 respectively, while the 1,600 points level is the immediate support, followed by the 1,590 points level,” it said. 

As of the actives, IFCA MSC and Nexgram both slid half-a-sen to 54 sen and 1.5 sen respectively while Eduspec, ARB and Sumatec all was flat at three sen, 37.5 sen and half-a-sen. 

As for top gainers, Kuala Lumpur Kepong rose 18 sen to RM22.16, British American Tobacco climbed 16 sen to RM18.32 and Petronas Gas rose 12 sen to RM16.70, while top losers were Dufu Technology, Malaysian Airports and Yinson were all declined five sen to RM3.88, RM8.09 and RM6.72 respectively. 

The FBM Emas Index was 5.91 points lower at 11,346.10, the FBMT 100 Index declined 8.39 points to 11,155.03, and the FBM Emas Shariah Index contracted 16.93 points to 11,911.33.

Meanwhile, the FBM Ace slipped 21.98 to 5,006.07 and the FBM 70 was up 9.88 points to 14,054.78.

Sector-wise, the Financial Services Index drops 0.93 point to 15,579.06, the Industrial Products & Services Index edged down 1.03 point to 154.59, and the Plantation Index earned 31.05 points to 6,867.83. – Bernama

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Syndicated News

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