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Bursa Malaysia ends in the red tracking bearish regional bourses

KUALA LUMPUR: Bursa Malaysia ended in the red today on weaker demand as traders track the bearish sentiment in regional stock markets, amid the sharp losses on Wall Street overnight.

The FTSE Bursa Malaysia KLCI (FBM KLCI) finished 6.31 points lower at 1,635.31 from Monday’s close of 1,641.62.

After opening 13.15 points weaker at 1,628.47, the index moved between 1,626.93 and 1,643.88 throughout the day.

A dealer said growing concerns over the global growth outlook pushed US stocks sharply lower for the second consecutive day, coupled with recent gloomy data releases in China and the eurozone.

Furthermore, he said investors turned cautious ahead of the outcome of the two-day US Federal Open Market Committee meeting, starting today.

“Some bargain hunting emerged at the eleventh hour today in telecommunications and banking stocks, however, the FBM KLCI struggled to remain in the positive territory,“ he added.

On Wall Street, the S&P 500 fell 2.1% at 2,545, its lowest finish since October 9, 2017, while the Dow Jones Industrial Average also ended 2.1% lower and the Nasdaq Composite shed 2.2%.

Among regional stocks, Singapore’s Straits Times Index fell 1.9% tot 3,055.07, Jakarta Composite Index declined 0.12% to 6,081.87 and Hong Kong’s Hang Seng Index was 1.05% weaker at 25,814.25.

Market breadth on Bursa Malaysia was negative with 700 losers and 222 gainers, while 292 counters remained unchanged, 691 untraded and 24 others suspended.

Total volume increased to 2.26 billion units worth RM1.90 billion from 1.46 billion units worth RM1.17 billion on Monday.

Among heavyweights, Maybank fell eight sen to RM9.22, Public Bank gained four sen to RM24.26, Tenaga declined 22 sen to RM12.70 and Petronas Chemicals lost three sen to RM9.15.

Of actives, VS Industry shed 16.5 sen to 65.5 sen, Bumi Armada gave up half-a-sen to 15.5 sen and MYEG lost six sen to 81.5 sen.

The FBM Emas Index was 94.97 points lower at 11,163.07, the FBMT 100 Index fell 82.15 points to 11,080.31, the FBM 70 declined 249.52 points to 12,698.45, the FBM Emas Shariah Index erased 119.68 points to 11,068.25 and the FBM Ace Index dipped 73.76 points to 4,189.11.

Sector-wise, the Financial Services Index gave up 99.72 points to 17,020.06, the Plantation Index decreased 71.19 points to 6,487.91 and the Industrial Products and Services Index eased 1.18 points to 164.26.

Main Market volume rose to 1.55 billion shares worth RM1.78 billion from 1.01 billion shares worth RM1.09 billion on Monday.

Warrants turnover increased to 431.78 million units worth RM91.67 million from 256.86 million units worth RM56.88 million previously.

Volume on the ACE Market was higher at 272.16 million shares worth RM34.25 million from 198.75 million shares worth RM30.02 million.

Consumer products and services accounted for 152.11 million shares traded on the Main Market, industrial products and services (390.76 million), construction (72.60 million), technology (194.33 million), SPAC (7.05 million), financial services (34.93 million), property (94.71 million), plantations (27.93 million), REITs (11.09 million), closed/fund (nil), energy (405.48 million), healthcare (41.94 million), telecommunication and media (30.90 million), transportation and logistics (70.35 million), and utilities (25.55 million).— Bernama


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Weak sentiment continues to weigh on Bursa Malaysia

KUALA LUMPUR: Bursa Malaysia opened lower today, extending last week’s downtrend and dampened by weak buying sentiment, especially on the external front.

At 9.03 am, the key FTSE Bursa Malaysia KLCI (FBM KLCI) fell 9.31 points to 1,671.23 from Friday’s close of 1,680.54.

The index opened 5.87 points weaker at 1,674.67.

Losses in Tenaga dragged the composite index down by 3.232 points after falling 32 sen to RM13.38 with 140,400 shares changing hands.

On the broader market, decliners outnumbered advancers 141 to 54, with 127 counters unchanged, 1,547 untraded and 25 others suspended.

Volume stood at 138.49 million units valued at RM29.59 million.

Public Investment Bank Bhd said the FBM KLCI might open lower today after US stocks suffered further steep falls at the end of a turbulent week last Friday, dominated by uncertainty over the US-China trade dispute and mounting concerns about global growth.

Wall Street proved unable to hold its initial gains on Friday, as tech stocks sold off and early strength for the energy sector evaporated, with crude prices giving back some of their early gains after an agreement by the Organisation of the Petroleum Exporting Countries (OPEC) and its partners to cut output.

“The mood was not helped by remarks from White House trade adviser Peter Navarro, who said the US would push ahead and increase tariffs on Chinese imports, if Washington and Beijing cannot agree on a binding trade truce within a 90-day negotiating period.

“But European and Asian stock indices mostly ended firmer, albeit well off the day’s highs, as buyers stepped back in after some savage falls on Thursday,” the research house said in a note today.

Back home, among the heavyweights, Public Bank lost 10 sen to RM24.70, CIMB eased four sen to RM5.74, while both Maybank and Petronas Chemicals were flat at RM9.42 and RM9.20 respectively.

Among actives, Tatt Giap and Sapura Energy slipped half-a-sen each to one sen and 34.5 sen respectively, MYEG slid one sen to RM1.13, but Hubline was flat at four sen.

The FBM Emas Shariah Index eased 82.35 points to 11,525.88, the FBM 70 gave up 105.44 points for 13,417.55 and the FBM Ace Index was 15.67 points lower at 4,668.72.

The FBM Emas Index fell 66.93 points to 11,530.67 and the FBMT 100 Index declined 69.65 points to 11,410.27.

Sector-wise, the Plantation Index weakened 69.08 points at 6,766.03 and the Financial Services Index contracted 33.44 points to 17,401.59, and the Industrial Products and Services Index shed 0.14 of-a-point to 168.9.

Gold futures contracts on Bursa Malaysia Derivatives were unchanged this morning on a lack of demand.

At 9.48 am, December 2018, January 2019, February 2019 and March 2019 were unchanged at RM165.60, RM165.60, RM165.70 and RM165.80 a gramme respectively.

Volume was nil, while open interest amounted to 27 contracts.

At 9.30 am, the price of physical gold was up RM1.37 to RM161.89 per gramme. — Bernama