Bursa opens lower after Wall Street retreat
At 9.06am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.94 points or 0.23 per cent lower at 1,720.9 from yesterday’s close of 1,724.84. The index opened 4.11 points easier at 1,720.73.
Meanwhile, market breadth was positive with gainers outpacing losers 113 to 84 while 161 counters were unchanged, 1,487 untraded and 43 others were suspended.
Turnover stood at 65.34 million shares worth RM54.83 million.
Public Investment Bank Bhd said the recovery in technology stocks failed to lift US equities higher.
“Technology, the best-performing sector this year, has taken a hit recently, sliding about 4.0 per cent over the past week as investors digest a major tax bill passed by Senate members.
“Financials, meanwhile, are up more than 3.0 per cent over the past week. In theory, the proposed changes would help banks and financials more than technology companies, since they currently pay a higher effective tax rate,” it said in a note today.
Bursa Malaysia’s performance was also in line with its regional peers as Japan’s Nikkei declined 0.57 per cent to 22,494.27, Singapore’s Straits Times Index weakened 0.43 per cent to 3,423.2 and Hong Kong’s Hang Seng Index reduced 1.01 per cent to 28,842.
Petronas Chemicals jumped 32 sen to RM7.77, Maxis gained three sen to RM5.93, Axiata and IHH Healthcare were flat at RM5.36 and RM5.64, respectively, Maybank declined 13 sen to RM9.25, TNB shed 10 sen to RM15.54 while Public Bank and CIMB eased two sen each to RM19.98 and RM5.95, respectively.
Of actives, DGB Asia inched up half-a-sen to 14.5 sen, Malaysia Steel Works rose four sen to RM1.37, while Trive Property, Luster Industries and PUC were flat at 4.5 sen, 11 sen and 21 sen, respectively.
On the scoreboard, the FBM Emas Index fell 17.56 points to 12,377.83, FBMT 100 Index declined 19.04 points to 12,051.26, FBM Emas Shariah Index eased 1.62 points to 12,834.3 but the FBM Ace advanced 20.79 points to 6,227.83 and the FBM 70 increased 6.02 points to 15,269.62.
Sectorwise, the Finance Index lost 116.6 points to 16,038.71, Industrial Index decreased 5.51 points to 3,162.18 and the Plantation Index was 33.59 points lower at 7,838.55. — Bernama
Source: The Malay Mail Online