Business

Bursa opens lower amidst momentarily muted US-China trade tussle

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Syndicated News
Written by Syndicated News

KUALA LUMPUR, July 18 2018 : Bursa Malaysia opened easier this morning in tracking regional trends and amid the momentarily muted US-China trade tussle.

At 9.20 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 5.00 points weaker at 1,732.28 from yesterday’s close of 1,737.28.

The index opened 3.39 points lower at 1,733.89.

On the broader market, decliners outpaced advancers 152 to 144, while 221 counters were unchanged, 1,394 untraded and 17 others suspended.

Volume stood at 262.63 million units valued at RM123.71 million.

OANDA Head of Trading in Asia-Pacific, Stephen Innes said the Nasdaq hit a new high-water mark supported by a combination of Goldilocks effects and a dash of earnings.

“Also, Netflix managed to get off the canvas as it has done so many times in the past, which contributed to a highlight reel type of day in US equities.

“Indeed, the hush in trade war banter has provided breathing space for investors to focus on earnings,” he added.

Among heavyweights, Maybank, rose one sen to RM9.59, Public Bank declined 40 sen to RM23.20, Tenaga trimmed four sen to RM14.74, while Petronas Chemicals and CIMB decreased one sen each at RM8.79 and RM5.66 respectively.

Among actives, Revenue Group Bhd, the latest debutant on the Bursa Malaysia ACE Market, rose 15.5 sen to 52.5 sen after opening at 55 sen with a 37 sen reference price and 54,520,500 shares changing hands as at 9.20 am.

Other actives included Priceworth  and FoundPac which improved 1.5 sen each to nine sen and 35.5 sen respectively.

DanaInfra Nasional was the biggest gainer in the opening session in bagging 90 sen to RM101.50, while Nestle topped the decliners list, losing RM1.10 to RM147.00.

The FBM Emas Index was 27.58 points easier at 12,232.38, the FBMT 100 Index decreased 28.09 points to 12,034.79, and the FBM 70 declined 9.92 points to 14,946.89.

The FBM Emas Shariah Index lost 15.13 points at 12,334.63, but, the FBM Ace Index advanced 30.12 points to 5,366.78.

Sector-wise, the Finance Index fell 61.81 points to 17,072.2, as the Industrial Index declined 12.17 points to 3,187.56.However, the Plantation Index increased 8.23 points to 7,455.73. – Bernama

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Syndicated News

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