KUALA LUMPUR, April 22 — Bursa Malaysia opened lower today as heightening concerns over the global economic outlook prompted more selling activities across the board, dealers said.
At 9.15 am, key index FTSE Bursa Malaysia KLCI (FBM KLCI) declined 16.21 points to 1,365.25 from 1,381.73 at Tuesday’s close.
The key index opened 15.33 points lower at 1,366.40.
Market breadth was bearish with losers thumped gainers 531 to only 44, while 151 counters were unchanged, 1,185 untraded and 19 others suspended.
Turnover stood at 587.34 million shares worth RM213.86 million.
Malacca Securities said stocks across Bursa Malaysia will see further pullback under the prevailing volatile market condition due to plunging low crude oil prices and unexciting earning prospects due to slower global and domestic economic environments.
“With the key index appears to have turned lower largely in tandem with the weakness across global equities and the 1,400 support level failed to defend, the 1,370 support level will come into play, followed by the 1.340 level. At the same time, any upsides are capped at the 1,420 level for the time being.
“Expectedly, both the lower liners and broader market shares also took a pause from their recent sharp recovery as investors booked recent profits,” it said in a research note today.
The research firm reckoned that market condition would remain volatile over the foreseeable future amid the lack of fresh leads.
Among heavyweights, Maybank and IHH Healthcare slipped nine sen each to RM7.47 and RM5.04, respectively, TNB fell two sen to RM12.48, Public Bank decreased 10 sen to RM15.64 and Petronas Chemicals contracted 20 sen to RM5.10.
Of the actives, Sapura Energy eased half-a-sen to 8.5 sen, Velesto energy shed one sen to 14 sen, Hibiscus Petroleum declined 1.5 sen to 41 sen while Xidelang was flat at seven sen.
On the index board, the FBM Emas Index was 116.05 points weaker at 9,482.48, the FBM Emas Shariah Index dropped 121.04 points to 10,482.26, while the FBMT 100 Index decreased 109.57 points to 9,373.38.
The FBM 70 lost 124.25 points to 11,239.23 and the FBM Ace declined 97.15 points to 4,217.55.
Sector-wise, the Industrial Products and Services Index inched down 2.53 points to 113.52, the Financial Services Index erased 174.32 points to 12,279.72 while the Plantation Index shed 43.10 points to 6,139.29.
— Bernama
