Bursa Malaysia opens lower after a sharp fall on Wall Street

24 May 2019 / 10:32 H.

KUALA LUMPUR: Bursa Malaysia opened lower today following a sharp fall on Wall Street in overnight trade, extending a broad and deep sell-off across global stock markets as concern about the potential impact of deepening trade dispute between the US and China took a tighter grip on sentiment.

At 9.13am, the key FTSE Bursa Malaysia KLCI (FBM KLCI) was down 4.83 points to 1,597.04 after opening 7.71 points lower at 1,594.16.

A dealer said near-term sentiment should continue to be adversely affected by the worsening US-China trade relations, given the current tit-for-tat trade sanctions on the technology-related sector.

“In all, we continue to see the key index heading lower amid the continuing weak market sentiments and if the 1,600 support gives way, the FBM KLCI could head towards the 1,595 and 1,590 levels. On the other hand, the resistances remain at 1,610 and 1,620 respectively,” he said.

Among heavyweights, Maybank lost four sen to RM8.90, Public Bank eased two sen to RM22.48, and Petronas Chemicals slipped one sen to RM8.62.

TNB and CIMB were flat at RM11.66 and RM5.15 respectively.

Of the actively-traded stocks, Impiana and Vortex slipped half-a-sen each to 3.5 sen and 26.5 sen respectively and Sapura Energy lost one sen to 29 sen.

KNM added one sen to 20 sen and Dayang gained three sen to 92 sen.

The FBM Emas Index was down 36.2 points to 11,173.53, the FBMT 100 Index decreased 36.131 points to 11,028.27 and the FBM Emas Shariah Index fell 43.28 points to 11,289.

The FBM 70 declined 55.761 points to 13,513.81 and the FBM Ace erased 2.98 points to 4,285.92.

Sector-wise, the Financial Services Index contracted 38.9 points to 16,514.42, the Plantation Index was weaker by 53.81 points at 6,783.61 and the Industrial Products & Services Index was 0.6 of-a-point lower at 160.82.

Losers outpaced gainers 237 to 73, with 159 counters unchanged, 1,428 untraded and 24 others suspended.

Turnover stood at 177.75 million worth RM111.16 million.

The physical price of gold as at 9.30am stood at RM167.16 per gramme, up 89 sen from RM166.27 at 5pm yesterday. — Bernama

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