Bursa Malaysia lower as consolidation continues

27 Jun 2019 / 09:54 H.

KUALA LUMPUR: Shares on Bursa Malaysia were lower in early trade with the market continued to consolidate as FBM KLCI stayed in overbought level ahead of the upcoming meeting between US President Donald Trump and his counterpart Xi Jinping at the G20 summit in Japan.

Losses in heavyweights - IHH Healthcare, IOI Corp and CIMB had mainly dragged the key FTSE Bursa Malaysia KLCI (FBM KLCI) down by 2.70 points to 1,671.79 at 9.10am from Wednesday’s close of 1,674.49.

The index opened 3.76 points lower at 1,670.73.

Gainers beat losers slightly by 115 to 98 with 171 counters unchanged, 1,521 untraded and 103 suspended.

Turnover stood at 82.27 million worth RM38.04 million.

Malacca Securities Sdn Bhd said the FBM KLCI remained overbought with consolidation set to persist.

“As usual, local institutions have been providing support amid the lack of interest from foreign sources and this could keep the ongoing consolidation on the mild side for longer,“ it said in a note.

The research house said the market will likely be on a holding pattern with few bouts of profit taking activities, as players await for any sign of progress from the upcoming meeting between the presidents of the US and China.

Hence, it sees support to remains at the 1,670-1,672 levels, while the resistances are at 1,680 and 1,690, respectively.

In addition, US stocks lead global losses as trade concerns mounted after Trump warned substantial additional tariffs would be imposed on Chinese goods if both countries failed to broker a trade deal after Trump-Xi meeting in Japan.

Among heavyweights, IHH was six sen lower at RM5.71, IOI Corp went down four sen to RM4.25 and CIMB weaker by two sen to RM5.36.

Meanwhile, both Maybank and Public Bank were flat at RM8.92 and RM23.02, respectively.

Of the actively-traded stocks, Focus Dynamic added half-a-sen to 18.5 sen while SMTrack went up one sen to 21.5 sen.

Vsolar and Iskandar Waterfront was unchanged at 18.5 sen and RM1.06 respectively.

The FBM Emas Index fell 13.72 points to 11,778.94, the FBMT 100 Index decreased 13.48 points to 11,6433.25 and the FBM Emas Shariah Index declined 13.93 points to 12,112.69.

The FBM 70 edged higher by 4.53 points to 14,617.83 while the FBM Ace lost 1.73 points to 4,453.59.

Sector-wise, the Financial Services Index shed 5.29 points to 16,727.31, and the Industrial Products & Services Index inched down 0.23 of-a-point to 160.54 and the Plantation Index eased 17.18 points to 6,955.80. - Bernama

email blast