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Bursa retreats, ahead of BNM’s monetary policy meeting

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Syndicated News
Written by Syndicated News

KUALA LUMPUR, July 11 2018 : Bursa Malaysia retreated from recent gains to open easier this morning, ahead of Bank Negara Malaysia’s Monetary Policy Meeting to consider among others the interest rate and chaired by new Governor, Datuk Nor Shamsiah Mohd Yunus.

A dealer said investors withdrew their positions despite the upbeat overnight Wall Street performance and rising oil prices.

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.97 points lower at 1,683.16 from Tuesday’s close of 1,687.13.

The barometer index opened 4.08 points better at 1,683.05.

Losses in Maybank and Axiata dragged down the index by 2.877 points. The stocks fell nine sen and seven sen to RM9.05 and RM4.10 respectively.

Nevertheless, Public Investment Bank opined Bursa would trend higher today following the positive Wall Street performance, amid hopes that upcoming corporate earnings would be upbeat enough to keep attention away from international trade disputes.

Maybank IB Research expects the FBM KLCI to trade between 1,680 and 1,720 today, with the downside supports at 1,658 and 1,630.

On the broader market, losers outnumbered gainers 181 to 53, while 160 counters were unchanged, 1,475 untraded and 19 others suspended.

Volume stood at 103.67 million units valued at RM49.62 million.

Among heavyweights, Public Bank, Tenaga and CIMB eased two sen each to RM22.52, RM14.40 and RM5.33 respectively, while Petronas Chemicals and Maxis were flat at RM8.54 and RM5.40.

Among actives, Diversified Gateway slipped one sen to 7.5 sen, Sapura Energy inched down half-a-sen to 60 sen, while Borneo Oil was flat at six sen.

BAT was the biggest loser in the opening session, losing 34 sen to RM34.02, while KLK topped the gainers list in bagging 20 sen to RM24.38.

The FBM Emas Index declined 34.02 points to 11,874.15, the FBMT100 Index declined 32.31 points to 11,679.7 and the FBM70 fell 57.86 points to 14,454.05.

The FBM Emas Shariah Index shed 23 points to 12,033.52 and the FBM Ace Index lost 45.02 points at 5,250.59.

Sector-wise, the Finance Index was 55.76 points lower at 16,465.7, the Industrial Index trimmed 5.36 points to 3,145.26, but the Plantation Index rose 10.32 points to 7,522.62. – Bernama

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