Bursa Malaysia opens marginally lower on overnight Wall Street’s fall

Bursa Malaysia opens marginally lower on overnight Wall Street’s fall

KUALA LUMPUR,. Bursa Malaysia opened marginally lower today, tracking most of its regional peers after the US stocks lost steam on Wednesday.

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slid 1.22 points, or 0.08 per cent, to 1,522.03 from 1,523.25 at Wednesday’s close.

The market barometer opened 1.81 points easier at 1,521.44.

However, market breadth was positive with gainers leading losers 231 to 137, while 280 counters were unchanged, 1,479 untraded and 24 others suspended.

Total volume stood at 326.57 million units worth RM237.20 million.

Public Investment Bank Bhd, in a note, said the FBM KLCI opened lower after US stocks lost steam on Wednesday, as investors weighed earnings news from Goldman Sachs and Bank of America, and as signs of a worsening global COVID-19 situation kept investors on edge.

Meanwhile, Malacca Securities Sdn Bhd reckoned that the consolidation would remain a feature over the foreseeable future, as the recent spike in COVID-19 cases may keep a lid on the prospects of economic recovery.

“US Department of Labour’s (DOL) move to add Malaysian rubber gloves to its latest list of goods produced with forced labour also triggered some profit-taking on glove heavyweights today.

“Elsewhere, the re-implementation of Conditional Movement Control Order (CMCO) saw trading activities turning up the heat again as rotational play is shifting towards the healthcare thematic space,” it said in a separate note.

Technically, the brokerage firm expected the consolidation spell is likely to prolong with the immediate resistances remained at 1,540, followed by 1,555, while the supports are pegged at 1,490, followed by 1,480.

Of the 30 FBM KLCI constituents, half of them were traded unchanged.

The fall in the key index counters was led by IOI Corp which shrank eight sen to RM4.37. Public Bank erased 10 sen to RM15.84, Digi slipped four sen to RM4.06, KLK was 16 sen weaker at RM22.00, and Hap Seng Consolidation trimmed six sen to RM7.45.

Most actives included Samaiden, increasing 55 sen to RM1.03, Key Alliance, ticking up half-a-sen to eight sen, Dataprep, edging up one sen to 24 sen, while Metronic Global sliding one sen to nine sen and its warrant was unchanged at three sen.

Top losers included Dutch Lady and Nestle, both giving up 10 sen each to RM38.00 and RM139.30 respectively, and Ge-Shen, losing 5.5 sen to 61.5 sen.

Top gainers included MPI, adding 20 sen to RM20.16, Rubberex, advancing 18 sen to RM8.20 and Bursa Malaysia was 12 sen better at RM8.60.

On the index board, the FBM Emas Index gained 7.76 points to 11,033.42 and the FBM Emas Shariah Index increased 18.14 points to 13,271.68.

The FBMT 100 Index weakened 1.37 points to 10,837.89, but the FBM 70 strengthened 26.62 points to 14,579.40 and the FBM ACE jumped 68.63 points to 11,039.92.

The Financial Services Index contracted 3.84 points to 12,447.11, the Plantation Index climbed 21.01 points to 6,990.49, and the Industrial Products and Services Index eked out a small gain of 0.02 of-a-point to 144.28.


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