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Bursa opens lower as US technology stocks slide

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Syndicated News
Written by Syndicated News

KUALA LUMPUR, July 31 : Bursa Malaysia opened lower today, tracking the easier overnight close on Wall Street, as sell-offs in US technology stocks continued from last week, dealers said. 

At 9.06 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.91 points weaker at 1,767.35 from yesterday’s close of 1,770.26.

The index opened 2.03 points lower at 1,768.23.

On the broader market, losers led gainers 154 to 100 with 176 counters unchanged, 1,497 untraded and 68 others suspended.

Volume stood at 155.61 million units valued at RM52.47 million.

Public Investment Bank Bhd in a research note said the lower opening of the FBM KLCI was also due to the pressure faced by government bond prices, as investors braced themselves for policy decisions this week from three of the world’s most important central banks, namely the Bank of Japan, Bank of England and the US Federal Reserve.

Meanwhile, on a technical front, Kenanga Investment Bank Bhd said the benchmark index outlook was positive-bias and expected a continuation towards the next resistance at 1,790 and 1,830 further up, with support levels at 1,720 and 1,700.

Of heavyweights, finance-linked stocks, Maybank lost seven sen to RM9.78, Public Bank eased four sen to RM23.98 and CIMB slid two sen to RM5.82. 

Tenaga gave up four sen to RM15.10, but Petronas Chemicals added one sen to RM8.86.

Among actives, UCrest rose two sen to 40.5 sen, Barakah increased one sen to 16.5 sen, but MBSB dipped two sen to RM1.13.  

The FBM Emas Index was 26.75 points lower at 12,531.34, the FBMT 100 Index slipped 26.04 points to 12,314.84 and the FBM Emas Shariah Index decreased 22.64 points to 12,672.71.

The FBM 70 shed 53.97 points to 15,430.78, but the FBM Ace Index improved 9.94 points to 5,449.56.

Sector-wise, the Plantation Index rose 10.14 points to 7,581.46, but the Industrial Index was down 0.94 of-a-point to 3,282.88 and the Finance Index fell 62.57 points to 17,379.12. — Bernama

 

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