Bursa Malaysia opens marginally higher but eases thereafter

BURSA Malaysia’s main index opened marginally higher but turned lower thereafter, tracking the mixed signals on Wall Street performance overnight due to concerns of economic uncertainties, an analyst said.

At 9.12 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 2.42 points to 1,427.13 from yesterday’s closing of 1,429.55.

The main index opened 1.77 points higher at 1,431.32.

Market breadth was negative as decliners led gainers 165 to 138, while 244 counters were unchanged, 1,669 untraded and 12 others suspended.

Turnover stood at 224.34 million units worth RM83.04 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said Wall Street ended on a mixed note as traders ditched growth stocks in view of a slowing United States (US) economy as indicated by the slackening job market.

On the home front, he said the overall sentiment is expected to remain cautious following concerns of market uncertainties, however, the main index seems to be well supported at current levels.

“We anticipate the index to hover around the 1,425-1,435 range today as accumulation on energy and telco counters are expected to prevail,” he told Bernama.

Among the heavyweights, Maybank and Public Bank eased two sen to RM8.64 and RM4, respectively, Petronas Chemicals fell five sen to RM7.20, while both CIMB and TNB were unchanged at RM5.31 and RM9.26, respectively. 

As for the actives, Fitters stayed flat at 7.5 sen and Vinvest added half-a-sen to 21 sen, while Tanco lost 3.5 sen to 47 sen and Jade Marvel eased half-a-sen to 31 sen.

On the index board, the FBM Emas Index decreased 13.41 points to 10,476.05, the FBMT 100 Index declined 12.60 points to 10,160.94, the FBM Emas Shariah Index trimmed 12.49 points to 10,779.58 and the FBM ACE Index was 39.08 points lower at 5,298.10, while the FBM 70 Index went up 2.37 points to 13,635.66.

Sector-wise, the Financial Services Index shed 8.97 points to 15,783.58, the Industrial Products and Services Index inched down 0.61 of-a-point to 172.15, the Plantation Index shaved 2.06 points to 6,729.63, and the Energy Index contracted 1.97 points to 867.20. — Bernama

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