Business

Bursa opens lower, weak buying sentiment

bursa malaysia

Syndicated News
Written by Syndicated News

KUALA LUMPUR, July 9 2018 : Shares on Bursa Malaysia were lower in early trading today on weak buying sentiment as geopolitical tensions between China and the United States continued to escalate.

At 9.24 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.28 points lower at 1,662.58 from Friday’s close of 1,663.86,

It, however, opened 0.1 of-a-point better at 1,663.at 9 am.

In a note, Kenanga Research said the FBM KLCI had performed negatively since last week, despite the uptrend on regional bourses.

“Negative outlook for the local index remains at this juncture, as there are no signs of a potential trend reversal. Momentum indicators are mostly continuing downward to further affirm a bearish outlook ahead.

“From here, key investors may buy-on-dips with lower support at 1,600 and 1,615, with resistances identified at 1,720 and 1,760,” it added.

Among heavyweights, Maybank rose four sen to RM9.01, Public Bank eased eight sen to RM22.44 and Tenaga gained 18 sen to RM14.44.

Among actives, Diversified Gateway and Pesona Metro were each half-a-sen higher at 8.5 sen and 29 sen respectively, while Sapura Energy was flat at 60.5 sen.

The FBM Emas Index slipped 51.26 points to 11,747.73, the FBMT100 Index eased 52.8 points to 11,542.44 and the FBM70 was 229.66 points weaker at 14,305.05.

The FBM Emas Shariah Index edged down 65.35 points to 11,897.95 and the FBM Ace Index was up 6.65 points at 5,240.83.

Sector-wise, the Finance Index declined 43.9 points to 16,297, the Plantation Index lost 33.35 points to 7,388.03 and the Industrial Index was 4.33 points higher at 3,091.95.

On the broader market, losers outpaced gainers 218 to 130, while 203 counters were unchanged, 1,317 untraded and 19 others suspended.

Volume stood at 261.59 million units valued at RM185.43 million. – Bernama

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