KUALA LUMPUR, Aug 1 — Shares on Bursa Malaysia opened higher but eased thereafter on lack of buying interest, said dealers.
HwangDBS Vickers Research said while the selling pressure on Malaysian equities could persist, bargain-hunting might step in as the local bourse slides further.
Technically speaking, the benchmark FBM KLCI, after falling 37.4-point or 2.1 per cent in five straight days, will probably find key support at the 1,750 level, it said.
Elsewhere, regional markets may show a mild rebound today following the US Federal Open Market Committee meeting outcome last night.
“Essentially, policymakers reiterated that they would continue the asset purchases programme and are prepared to increase or reduce the pace of the purchases depending on incoming data.
“And given their mention of the economic risks posed by a below average inflation, the jury is still out on whether the tapering process would begin as early as September this year,” said HwangDBS.
On the scoreboard, the Finance index fell 65.67 points to 16,682.91, the Plantation Index eased 30.79 points to 8,287.53 and the Industrial index shed 11.90 points to 3,012.86.
The FBM Emas Index trimmed 15.01 points to 12,316.37, the FBM100 Index erased 15.31 points to 12,176.26, the FBM ACE Index inched down 0.25 of a point to 4,998.71 but the FBM 70 Index increased 29.35 points to 14,186.35.
Gainers outpaced losers by 96 to 90, with 156 counters unchanged, 1,235 untraded and 18 others were suspended.
Turnover amounted to 60.559 million shares worth RM52.519 million.
Among actives, Cybertowers added half-a-sen to 15.5 sen while TH Heavy Engineering and Malaysia Airlines were both flat at 81.5 sen and 30.5 sen, respectively.
Sona Petroleum inched down half-a-sen to 41.5 sen and Zelan fell 3.5 sen to 24.5 sen.
Of heavyweights, Axiata added three sen to RM6.82, TNB rose 12 sen to RM9.01 but Maybank eased four sen to RM10.22, CIMB shed three sen to RM7.84 and Sime Darby slipped two sen to RM9.46. – Bernama
You May Also Like