KUALA LUMPUR, Aug 24 2018 : Bursa Malaysia reversed gains from yesterday to open easier this morning as weak market sentiment curbed investors’ risk appetite, dealers said.
At 9.06 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 5.78 points weaker at 1,805.09 from Thursday’s close of 1,810.87.
The index opened 4.52 points lower at 1,806.35.
On the broader market, losers led gainers 118 to 112 with 157 counters unchanged, 1,503 untraded and 34 others suspended.
Volume stood at 95.21 million units valued at RM47.40 million.
A dealer said sentiment in the market was clouded by the lower overnight performance of Wall Street coupled with a sharp drop in crude oil prices and as global trade war worries continued.
“Two days of talks between the US and China officials ended on Thursday, with no visible signs of progress towards ending the bilateral trade war that started a month ago.
“A new round of US tariffs on US$16 billion of Chinese imports came into effect yesterday and was a drag on commodities market, causing the benchmark Brent crude to decline and lending a negative impact to some Asian markets, including the local bourse,” he added.
He said a few oil and gas-related stocks on Bursa Malaysia saw some decline, namely Petronas Dagangan, which eased 26 sen to RM26.54, while Petronas Gas slid 12 sen to RM18.68.
Among heavyweights, Maybank was flat at RM9.81, Public Bank eased 22 sen to RM25.10 and TNB slid two sen to RM15.72.
Petronas Chemicals bagged seven sen to RM9.42 and CIMB rose one sen to RM5.95.
Among actives, Melewar-Warrants increased eight sen to 8.5 sen, Notion gained one sen to 76 sen, MY EG was two sen higher at RM1.41, while Borneo Oil was flat at six sen.
Panasonic was the biggest loser in the opening session, losing RM1.56 to RM40.12, while Plenitude topped the gainers list in bagging 17 sen to RM1.65.
The FBM Emas Index declined 32.09 points to 12,759.32, the FBMT 100 Index dropped 34.21 points to 12,539.64 and the FBM 70 fell 20.31 points to 12,570.10.
The FBM Emas Shariah Index shed 19.40 points to 12,921.10, but the FBM Ace Index added 1.85 points to 5,501.42.
Sector-wise, the Finance Index was 59.09 points lower at 17,657.57, the Industrial Index trimmed 6.69 points to 3,259.00 and the Plantation Index fell 25.06 points to 7,647.30. – Bernama