Bursa Malaysia trends lower across the board

BURSA Malaysia continued its downtrend at mid-morning on selling pressure across the board, taking the cue from the overnight heavy fall of the US stocks and government bonds, dealers said.

At 11am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 15.12 points to 1,494.59 from Thursday’s close of 1,509.71.

The benchmark index opened 4.03 points lower at 1,505.68.

On the broader market, losers thumped gainers 601 to 133, while 316 counters were unchanged, 1,224 untraded and 22 others suspended.

Turnover stood at 907.78 million units worth RM556.99 million.

Rakuten Trade Sdn Bhd said traders were concerned over the US economy ahead of May’s inflation data later today.

On the home front, the FBM KLCI ended lower again due to a weak regional performance yesterday with the benchmark index erasing 60 points over the past week attributed to selling by foreign funds.

“Though immediate recovery may occur, we reckoned bargain hunting activities should emerge if the index tests the 1,500-mark.

“Therefore, we anticipated the index to trend within the 1,500 to 1,520 range today. Meanwhile, Brent crude eased marginally but remained above US$123 (RM541) a barrel as lockdowns returned on some parts of Shanghai,” it added.

Among the heavyweights, Malayan Banking Bhd and CIMB Group Holdings Bhd eased three sen each to RM8.77 and RM5.04 respectively, Public Bank Bhd shed four sen to RM4.53, Petronas Chemicals Group Bhd declined 13 sen to RM9.51, while IHH Healthcare Bhd slid six sen to RM6.34.

Of the actives, LGMS Bhd gained 4.5 sen to 76 sen, Widad Group Bhd edged up half-a-sen to 36.5 sen, Top Glove Corp Bhd eased six sen to RM1.16, Genting Bhd fell 26 sen to RM4.94, while MNC Wireless Bhd was flat at 1.5 sen.

On the index board, the FBM Emas Index was 107.47 points lower at 10,734.21, the FBM Emas Shariah Index slipped 120.9 points to 10,987.85, the FBM 70 declined 117.46 points to 13,108.73, the FBM ACE shed 41.60 points to 5,128.34 and the FBM T100 Index decreased 102.67 points at 10,431.83.

Sector-wise, the Financial Services Index dropped 81.15 points to 16,440.56, the Plantation Index shed 71.42 points to 7,593.95 and the Industrial Products and Services Index was 2.38 points lower at 191.66. — Bernama / pic by MUHD AMIN NAHARUL