Bursa weighed down by index-linked counters at mid-afternoon

KUALA LUMPUR, Jan 16 — Weak demand in index-linked counters continued to weigh down Bursa Malaysia’s performance at mid-afternoon, keeping the key index in the red territory.

At 3.08pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) erased 7.89 points to 1,671.53 from Tuesday’s close of 1,679.42.

Losses in Tenaga contributed 2.595 points to the composite index after falling 26 sen to RM13.58 with 2.91 million shares changing hands.

However, market breadth was positive with gainers outnumbering losers 404 to 329, while 342 counters were unchanged, 801 untraded and 35 others suspended.

Turnover stood at 1.6 billion shares worth RM1.06 billion.

A dealer said the latest Brexit development overshadowed positive market sentiments in the region, including China’s stimulus packages and upbeat Wall Street performance.

He also the weaker-than-expected economic data from Japan has further added to the ongoing uncertainty about the global growth outlook.

Among other heavyweights, Maybank slipped one sen to RM9.40, Public Bank fell 28 sen to RM24.70, Petronas Chemicals shed five sen to RM8.22 while CIMB eased two sen to RM5.65.

Of actives, FGV bagged 1.5 sen to 94.5 sen, VSIndustry added one sen to 85.5 sen while Fitters inched up half-a-sen to 41 sen.

The FBM Emas Index was 27.61 points lower at 11,570.77, the FBMT 100 Index declined 32.21 points to 11,452.39 and the FBM Emas Shariah Index reduced 21.66 points to 11,479.66.

The FBM Ace gained 0.82 point to 4,460.6 and the FBM 70 improved 52.17 points to 13,662.72.

Sectorwise, the Finance Index fell 58.63 points to 17,399.38, the Industrial Products and Services Index shed 0.45 point to 160.45 but the Plantation Index earned 5.09 points to 7,141.85. — Bernama

Source: The Malay Mail Online