Bursa Malaysia opens lower
KUALA LUMPUR: Shares on Bursa Malaysia opened lower today, while tracking the overnight losses on Wall Street, dealers said.
At 9.07am, the FTSE Bursa Malaysia KLCI (FBM KLCI) opened 2.48 points weaker at 1,855.87 from Monday's 1,858.35 after opening 4.85 points easier at 1,853.50.
Market breadth was negative with 235 losers against 53 gainers, while 142 counters were unchanged, 1,442 untraded and 21 others suspended.
Volume stood at 100.18 million units valued at RM40.55 million.
OANDA Head of Trading Asia-Pacific, Stephen Innes said a renewed sell-off in technology stocks emerged on Wall Street, amidst pressure on oil prices and the never-ending trade war saga, keeping markets defensive.
China raised tariffs by up to 25% on selective US food products, in response to US duties on the import of aluminum and steel.
Meanwhile, Kenanga Research said technical indicators remain unexciting for Bursa Malaysia as there were no signs of a bullish breakout from its current sideways movement.
"Given the uncertainties that exist in both local (pending 14th General Election) and global market (possibility of more trade war action), we foresee the index to continue moving sideways between 1,880 and 1,840.
"A break above 1,880 will be an affirmative positive, with the next resistance level is at 1,910. Conversely, a break below 1,840 will be deemed as highly negative, with the next support level at 1,800," it said in a research note today.
Among heavyweights, Maybank, Tenaga and CIMB each fell two sen to RM10.50. RM16.18 and RM7.18 respectively, while Public Bank and Petronas Chemicals were each flat at RM23.90 and RM8.29.
For actives, Sapura Energy and Sino Hua-an each declined one sen to 53.5 sen and 36 sen, while PUC eased half-a-sen to 25.5 sen.
The FBM Emas Index dipped 25.27 points to 12,986.20, the FBMT 100 Index was 21.79 points weaker at 12,793.58 and the FBM Emas Syariah Index dropped 29.59 points to 13,1732.33.
The FBM 70 decreased 42.54 points to 15,523.34 and the FBM Ace gave up 72.28 points to 5,321.49.
Sector-wise, the Finance Index slid 31.23 points to 18,104.67, the Industrial Index fell 5.99 points to 3,222.07 and the Plantation Index eased 2.26 points to 7,998.55.
The physical price of gold as at 9.30am stood at RM160.90 per gramme, up 87 sen from RM160.03 at 5.00pm yesterday. — Bernama