KUALA LUMPUR, April 1 — Bursa Malaysia reversed yesterday’s gains to start weaker today, tracking Wall Street’s overnight tumble after Dow Jones Industrial Average suffered the worst quarterly fall since 1987.
At 9.05 am, key index FTSE Bursa Malaysia KLCI (FBM KLCI) shrank 12.99 points, or 0.96 per cent to 1,337.90 from 1,350.89 at Tuesday’s close.
The key index opened 5.99 points lower at 1,344.90.
Market breadth was negative, with losers leading gainers 246 to 64, while 166 counters were unchanged, 1,445 untraded and 19 others suspended.
Turnover stood at 117.52 million worth RM55.40 million.
Public Investment Bank Bhd said at Tuesday’s closing, the Dow Jones Industrial Average dropped around 410 points, or 1.8 per cent to end near 21,917.
“The blue-chip gauge fell 23.2 per cent over the first three months of the year, which is its worst first-quarter performance on record and biggest overall quarterly decline since the fourth quarter of 1987,” it said in a note today.
Separately, Malacca Securities Sdn Bhd said volatility remained a feature following the slump on Wall Street overnight.
“We also see profit-taking activities on the table as investors will be quick to offload their holdings, waiting for further stability,” it said, adding that a pullback would be a healthy move as the consolidation might allow fresh legs for further stride.
The brokerage firm said, for now, it continued to see the 1,360 level serve as the key resistance, followed by the 1,400 psychological level.
“On the downside, the support remained pegged at the 1,300 psychological level,” it added.
Decliners among heavyweights were led by Petronas Chemicals, dropping 19 sen to RM4.86, followed by Tenaga which lost 12 sen to RM11.90, Sime Darby Plantation slipped nine sen to RM4.85, MISC was 13 sen easier at RM7.31 and Press Metal Aluminium went down 12 sen to RM3.29.
Of the actives, Minetech Resources bagged one sen to 13.5 sen, Public Packages added seven sen to 71 sen, KNM trimmed half-a-sen to 11 sen while Sapura Energy and Velesto were unchanged at eight sen and 11.5 sen.
Top losers included Dutch Lady which dipped 50 sen to RM42.80, Carlsberg gave up 32 sen to RM24.68, KESM was 24 sen lower at RM6.21, Kuala Lumpur Kepong erased 22 sen to RM20.54 and PPB declined 16 sen to RM16.26.
On the index board, the FBM Emas Index fell 57.97 points to 9,181.83, the FBM Emas Shariah Index skidded 74.57 points to 10,030.51 while the FBMT 100 Index inched down 73.93 points to 9,092.58.
The FBM 70 slid 25.72 points to 10,524.83 and the FBM Ace eased 25.08 points to 3,956.73.
Sector-wise, the Industrial Products and Services Index edged down 1.96 points to 105.49, the Financial Services Index depreciated 50.64 points to 12,220.03 and the Plantation Index was 46.44 points easier at 6,205.69.
— Bernama
