Money
Bursa Malaysia trends lower at mid-morning
An investor monitors the stock prices in the gallery of the RHB Investment Bank Bhd headquarters in Kuala Lumpur March 17, 2020. u00e2u20acu2022 Picture by Hari Anggara

KUALA LUMPUR, Aug 14 ― Bursa Malaysia trended lower at mid-morning, with selling pressure seen across the board as investors await the release of Malaysia’s second quarter Gross Domestic Product data later today.

The local market was also tracking the weaker performance of most regional peers which took the cue from overnight Wall Street.

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At 11.03am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.24 points to 1,562.18 from yesterday's close of 1,576.42.

The key index opened 2.37 points better at 1,578.79.

Market breadth was negative, with losers thumping gainers 860 to 146, while 266 counters were unchanged, 724 untraded and 33 others suspended.

Trading volume stood at 4.82 billion shares worth RM1.62 billion. 

In a note, Rakuten Trade Sdn Bhd said performance on Wall Street was rather tentative as investors  became cautious over the prolonged discussions over the US stimulus package.

"The Dow Jones Index (DJI) Average lost 80 points to close just below the 27,900 level. Investors also sold the US Treasury on as the 10-year yield had gone up to 0.72 per cent from 0.51 per cent early this month,” it said.

On the local front, the firm said it expects the local bourse to possibly maintain its uptrend albeit at a slower pace following yesterday’s sudden late surge in buying.

"Hence, we reckon the FBM KLCI to gyrate within the 1,565-1,585 range today,” it added.

Of the heavyweights, Maybank slid two sen to RM7.78, Public Bank fell 20 sen to RM17.60, Top Glove slipped 92 sen to RM24.08, Tenaga shed eight sen to RM11.08  and Hartalega declined 40 sen to  RM16.16.

Among the most active, Sapura Energy and Pegasus reduced one sen each to 12 sen and three sen respectively, Pegasus warrant eased half-a-sen to two sen, XOX shed 1.5 sen to 24 sen, while Priceworth was flat at four sen.

On the index board, the FBM Emas Index decreased 132.28 points to 11,137.37, the FBM Emas Shariah Index was 170.19 points lower at 12,923.72 and the FBMT 100 Index slipped 122.97 points to 10,968.55.

The FBM 70 dropped 249.50 points to 14,152.05 and the FBM ACE tumbled 471.66 points to 9,627.34.

Sector-wise, the Financial Services Index was down 109.81 points at 13,278.75, the Plantation Index shed 43.85 points to 6,980.44 and the Industrial Products and Services Index eased 1.79 points to 137.89. ― Bernama

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