KUALA LUMPUR, Oct 22 — Bursa Malaysia was flat amid the retreated Asian peers on negative market sentiment following news that Russia and Iran intend to impede in the next month’s US presidential election.
Regionally, Hong Kong’s Hang Seng dropped 0.22 per cent to 24,699.11, Japan’s Nikkei down 0.78 per cent to 23,455.22 and Singapore’s Straits Times was 0.21 per cent lower at 2,520.19.
In the US, Dow Jones erased 0.35 per cent to 28,210.82, S&P fell 0.22 per cent to 3,435.56 and Nasdaq was 0.28 per cent lower at 11,484.69 at Wednesday’s close
At 12.30 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) added 0.20 point, or 0.01 per cent, to 1,492.60 from 1,492.40 at yesterday’s close.
The market barometer opened 0.55 points higher at 1,492.95 and moved between 1,490.53 and 1,500.05 throughout the morning trading session.
On the scoreboard, losers beat gainers 515 to 437, while 435 counters were unchanged, 779 untraded and 21 others suspended.
Total volume stood at 3.77 billion units worth RM2.10 billion.
An analyst said the US stock market finished its trading lower in a volatile session amid signs that the US stimulus package is unlikely to become law before the presidential election.
“Investors will be looking forward to hear house speaker Nancy Pelosi and treasury secretary Steven Mnuchin continue their talks on the fiscal policy progress today,” he said.
Meanwhile, Malacca Securities Sdn Bhd, in its note, said following the renewed volatility, gold-related stocks are back into focus after gold prices remained above US$1,900/oz.
“Back home, the speculation of the Sarawak state election to be held by end-2020 has triggered some trading interest within Sarawak-based listed companies,” it said.
On the technical outlook, the brokerage said the FBM KLCI succumbed to further selling pressure and remained below the daily exponential moving average (EMA) 9 level.
The downward bias consolidation has returned with the immediate support at 1,480, followed by 1,475.
In contrast, the immediate resistances are located at 1,520, followed by 1,530.
Separately, the Department of Statistics Malaysia said the country’s economy is expected to continue its recovery trend based on the leading index (LI) as growth rate has smoothed.
Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the LI registered 108.5 points in August 2020 from 100.8 points in August 2019, maintaining an annual growth of 7.6 per cent.
Of the heavyweights, Maybank fell six sen to RM7.09, Public Bank lost 16 sen to RM15.60, while Top Glove rose one sen to RM8.89 and Hartalega was 46 sen higher at RM18.30.
Of the actives, Lambo gained half-a-sen to 3.5 sen, Key Alliance rights fell 1.5 sen to five sen, and Diversified Gateway was three sen lower at 20 sen.
On the index board, the FBM Emas Index rose 14.43 points to 10,851.77, the FBM Emas Shariah Index gained 47.05 points to 13,022.29, and the FBMT 100 Index went up 14.31 points to 10,644.31.
The FBM 70 improved 69.32 points to 14,380.98 and the FBM ACE appreciated 117.81 points to 10,912.36.
The Financial Services Index depreciated 74.43 points to 12,328.44, the Plantation Index shrank 35.14 points to 6,825.17, but the Industrial Products and Services Index inched up 0.20 point to 145.36.