Selangor Journal
Bursa Malaysia
People look at trading boards at a private stock market gallery in Kuala Lumpur on May 14, 2018. — Picture by REUTERS

Bursa Malaysia opens higher but retreats thereafter

KUALA LUMPUR, March 19 — Bursa Malaysia opened higher in early trade today but retreated thereafter, weighed by weaker overnight Wall Street and oil market performance.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 2.71 points to 1,625.28 from yesterday’s close of 1,627.99.

The index was 3.05 points higher to1,631.04 at 9 am, and started to turn lower one minute after opening.

On the broader market, losers outpaced gainers 431 to 132, while 299 counters were unchanged, 1,385 untraded and 55 others suspended.

Total volume stood at 553.83 million shares worth RM224.41 million.

Malacca Securities said Wall Street retreated from their recent peak levels as the Dow Jones Industrial Average slid 0.5 per cent amid lingering concerns over the inflationary pressure, coupled with tumbling crude oil prices.

It said the pullback in Brent oil and crude palm oil prices, after hitting their respective peaks recently, may set a negative tone for the energy sector as well.

“The FBM KLCI climbed higher yesterday driven by the index-linked recovery-theme stocks market optimism over economic recovery following Prime Minister Tan Sri Muhyiddin Yassin ’s announcement on the ‘Pemerkasa’ economic stimulus package.

“However, we believe the overnight decline on US Nasdaq may spillover to the broader market and tech sector today,” it said in a note.

The stockbroking house said traders may focus on laggard counters such as property, construction, consumer, and tourism.

The news on the collaboration among the three Malaysian telecommunication companies to develop fibre infrastructure may attract buying interest in the sector.

Among heavyweights, PChem and TM lost 12 sen each to RM8.08 to RM6.29 respectively.

MISC and Press Metal both dropped 10 sen to RM6.87 and RM10.06 respectively.

In contrast, Top Glove gained five sen to RM5.31 and Maybank and Digi were three sen higher at RM8.40 and RM3.71 respectively.

As for active counters, Macpie added eight sen to 37.5 sen, KNM declined half-a-sen to 19.5 sen and Nexgram was flat at 4.5 sen.

On the index board, the FBM Emas Index weakened 41.05 points to 11,910.06, the FBMT 100 eased 35.86 points to 11,589.74, and the FBM Emas Shariah edged down 55.92 points to 13,182.22.

The FBM 70 reduced 112.57 points to 15,652.65 and the FBM ACE was 23.38 points lower at 10,613.97.

Sector-wise, the Financial Services Index edged down 8.61 points to 15,559.31, the Plantation Index inched down 17.50 points to 7,142.29 and the Industrial Products and Services Index lost 1.34 points to 192.63.

— Bernama

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