KUALA LUMPUR: Shares on Bursa Malaysia were lower in early trade today due to losses in selected heavyweights and as traders took cue from the weaker performance of Asian stocks last Friday.
At 9.08am, the key FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.53 points to 1,647.43 from Friday’s close of 1,661.96.
The index opened 12.68 points weaker at 1,649.28.
In a note, Kenanga Research said stocks in Asia fell on Friday, weighed on by economic data showing a disappointing pace of industrial output and retail sales growth in China.
“In view of heightened geopolitical uncertainties coupled with poor global stocks performance as of late, we maintain our pessimistic view that the FBM KLCI will continue its tepid trading in the short-term.
“Given persistent lacklustre technical indicators, the local index will likely trend towards 1,650, where a break below, could trigger a sell-down towards the 1,615. Conversely, resistance levels are capped at 1,700 and 1,750,“ it added.
On the broader market, there were 218 losers and 48 gainers, while 128 counters were unchanged, 1,507 untraded and 23 others suspended.
Volume stood at 105.16 million units valued at RM45.51 million.
Among heavyweights, Maybank eased three sen to RM9.34, Public Bank lost 12 sen to RM24.62, Tenaga fell 10 sen to RM13.16, while Petronas Chemicals added five sen to RM9.17.
Among actives, Bumi Armada eased one sen to 16.5 sen, VS Industry declined 35 sen to 82 sen, while Hubline and Nova MSC were flat at four sen and 10 sen.
The FBM Emas Index eased 103.91 points to 11,315.20, the FBMT 100 Index decreased 100.21 points to 11,217.32, the FBM Emas Shariah Index slid 118.95 points to 11,229.33, the FBM Ace Index slipped 19.94 points to 4,370.17 and the FBM 70 lost 121.77 points to 13,071.79.
Sector-wise, the Industrial Products and Services Index eased 0.99 point to 165.81, the Financial Services Index fell 117.22 points to 17,240.54 and the Plantation Index declined 66.22 points to 6,581.44. — Bernama
