Bursa Malaysia lower in early trade

19 Nov 2019 / 11:15 H.

KUALA LUMPUR: Bursa Malaysia retreated from yesterday’s gains to open lower this morning, on selling in the index-linked counters, amid mixed regional markets.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) decreased 7.04 points to 1,597.32 from the 1,604.36 recorded at Monday’s close.

At the opening bell, the barometer index was 3.27 points weaker at 1,601.09.

On the broader market, there were 114 gainers and 112 losers, while 210 counters unchanged, 1,563 untraded and 17 others suspended.

Turnover amounted to 99.81 million shares worth RM41.07 million.

Malacca Securities Sdn Bhd said despite the FBM KLCI’s gains yesterday, the overall market condition remained one of indifference as both market breadth and depth are still on the insipid side, highlighting the largely low following on Malaysian equities.

“We now think that the choppiness could increase as bouts of profit-taking activities could set in after yesterday’s last-minute haul and we think that the FBM KLCI is set for a minor pullback over the near term.

“As it is, we still think that follow-through buying interest is still weak and unlikely to support the key index higher amid reservations over a US-China trade deal,” the research firm said in a note today.

It opined that the mixed corporate results released thus far would provide a few fresh buying impetuses.

Malacca Securities placed supports level at 1,600 and 1,590 respectively, while the resistances remain at the 1,610 and 1,620 levels.

Of the heavyweights, Tenaga eased four sen to RM13.66, Public Bank lost 14 sen to RM19.74, Petronas Chemicals and IHH shed six sen each to RM7.30 and RM5.50 respectively, while CIMB trimmed five sen to RM5.30.

However, Maybank was flat at RM8.66.

Of the actives, Tiger Synergy inched up half-a-sen to 6.5 sen, Heng Huat slipped 1.5 sen to 4.5 sen, Tanco was flat at seven sen, KNM eased one sen to 43 sen, while Green Packet perked two sen to 70 sen.

The FBM Emas Index was 37.27 points lower at 11,333.56, the FBMT 100 Index decreased 40.72 points to 11,141.89 and the FBM Emas Shariah Index edged down 29.32 points to 11,879.02.

The FBM Ace slipped 0.98 of-a-point to 4,936.65 and the FBM 70 erased 16.98 points to 14,108.32.

Sector-wise, the Financial Services Index gave up 80.45 points for 15,565.41, the Industrial Products & Services Index inched down 0.44 of-a-point to 152.69, and the Plantation Index shed 23.16 points to 6,935.37.

The physical price of gold as at 5.00pm stood at RM188.44 per gramme, down 95 sen from RM189.39 at 5.00pm last friday. — Bernama

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