Bursa Malaysia opens lower amidst bearish regional markets

23 Jan 2020 / 10:12 H.

KUALA LUMPUR: Losses in key heavyweights dragged Bursa Malaysia lower in the opening today amidst the bearish performance of regional bourses.

At 9.21am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.92 points lower at 1,574.06 from yesterday’s close of 1,577.98, after opening 2.71 points weaker at 1,575.27.

The overall market breadth on Bursa Malaysia was negative with losers edging gainers 209 to 136, while 266 counters remained unchanged, 1,374 untraded and 37 others suspended.

Turnover amounted to 300.18 million shares worth RM142.46 million.

On the regional front, the Jakarta Composite Index declined 0.08% to 6,233.45, Singapore’s Straits Times Index fell 0.19% to 3,247.67 and South Korea’s KOSPI Composite Index was 0.70% lower at 2,251.28.

In a note, Malacca Securities Sdn Bhd said the weakness on the FBM KLCI might linger amid the potential contraction as investors continue to assess the impact of Bank Negara Malaysia’s move to trim its benchmark interest rates, slumping crude oil prices and the weakness on Wall Street.

“The FBM KLCI may continue to trade in a range-bound mode with downward bias momentum as the 1,570 level will serve as the immediate support, followed by the 1,550 level. A recovery, meanwhile, is expected to be mild with gains capping at the 1,590 level.

“On the broader market, traders may continue to capitalise on the recent positive performance demonstrated by lower liners. At the same time, the healthcare sector continues to demonstrate resilience as the number of casualties from the coronavirus outbreak increased,” it added.

Of the heavyweights on Bursa Malaysia, Maybank lost three sen to RM8.52, Public Bank added two sen to RM19.04, Tenaga declined 12 sen to RM12.76 and Petronas Chemicals was three sen weaker at RM6.93.

Among the actives were Vortex, which eased half-a-sen to eight sen, Powerwell gained one sen to 29.5 sen and Icon Offshore rose 25 sen to 66.5 sen.

On the index board, the FBM Emas Index decreased 26.40 points to 11,251.31, the FBM Emas Shariah Index fell 34.88 points to 11,978.81, the FBMT 100 Index lost 25.51 points to 11,035.79, the FBM 70 was 24.75 points weaker at 14,204.94, and the FBM Ace added 7.40 points to 5,645.47.

Sector-wise, the Industrial Products and Services Index inched down 1.11 point to 151.75, the Financial Services Index was 16.04 points lower at 15,098.92 and the Plantation Index lost 19.43 points to 7,465.30. — Bernama

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