Bursa Malaysia opens lower for third consecutive day

KUALA LUMPUR, Sept 5 — Bursa Malaysia opened lower for the third consecutive day and is expected to continue to succumb to selling pressure as global trade concerns loom.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 9.49 points lower at 1,803.27 from yesterday’s close of 1,812.76.

The index opened 7.42 points easier at 1,805.34.

Losers were slightly higher than gainers 131 to 112, with 164 remaining unchanged, 1,466 untraded and 24 others were suspended.

Volume stood at 99.59 million units valued at RM47.32 million.

Kenanga Investment Bank said the longer-term technical outlook for the benchmark index remained positive with key momentum indicators showing positive signals. However, the subdued ringgit may have an adverse effect on the stock market.

Meanwhile, Public Investment Bank Bhd said the technical analysis revealed that the index’s weekly data remained bullish, but with weakening upward momentum.

“Hovering between 1,815 and 1,810 points, the FBM KLCI is heading into congestion mode this week amid external headwinds,” it said, adding that the overall uptrend was would still remain intact should the index stay above the immediate support level of 1,810 points in the near-term.

Among heavyweights, Maybank slipped five sen to RM9.99, PBBank reduced 10 sen to RM24.76, Tenaga declined six sen to RM15.66, CIMB erased one sen to RM6.09 while PChem was flat at RM9.49.

Among losers, Nestle shed nine sen to RM146.50, F&N inched down 20 sen to RM37.38, Digi, PetGas and AEONCR reduced eight sen each to RM4.55, RM18.54 and RM15.36, respectively.

Among actives, Pesona advanced 1.5 sen to 35.5 sen, SapNRG and BornOil each erased half-a-sen to 35.5 sen and 5.5 sen, respectively while NovaMSC and DBE were both flat at 16.5 sen and 3.5 sen, respectively.

The FBM Emas Index declined 52.70 points to 12,626.38, the FBMT 100 Index shed 53.85 points to 12,431.11, the FBM 70 fell 22.0 points to 15,076.85, the FBM Emas Shariah Index erased 41.76 points to 12,714.69 but the FBM Ace Index rose 10.69 points to 5,263.24.

Sector-wise, the Finance Index lost 108.51 points to 17,892.80, the Industrial Index trimmed 4.05 points to 3,212.22 and the Plantation Index fell 35.55 points to 7,495.24. — Bernama

Source: MalayMail