Bank stocks pull down Bursa at opening

The selling of bank stocks weighs on Bursa Malaysia to see a lower opening. — Picture by Razak Ghazali
The selling of bank stocks weighs on Bursa Malaysia to see a lower opening. — Picture by Razak Ghazali

KUALA LUMPUR, June 13 — Bursa Malaysia opened lower today, weighed down by banking stocks led by Public Bank and Maybank.

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) trimmed 8.35 points to 1,755.81, after opening 2.6 points weaker at 1,761.56 against yesterday’s close of 1,764.16.

Maybank Investment Bank said the market could remain volatile today as investors turn risk-off ahead of Hari Raya holiday and major central bank meetings.

“Technically, we expect the FBM KLCI to trade between 1,740 and 1,780 today. Downside supports are 1,740 and 1,709,” it said in a note today.

On the broader market, losers outpaced gainers 111 to 85, while 138 counters were unchanged, 1,576 untraded and 21 others suspended.

Turnover was thin at 66.23 million shares worth RM42.89 million.

The FBM Emas Index shed 42.73 points to 12,335.96, the FBMT100 Index declined 44.13 points to 12,129.49 and the FBM Emas Shariah Index eased 35.26 points to 12,388.66.

The FBM 70 decreased 7.58 points to 14,805.56 and the FBM Ace was 6.0 points easier at 5,260.73.

Sectorwise, the Industrial Index dipped 10.09 points to 3,178.12, the Finance Index slid 69.08 points to 17,560.48, and the Plantation Index slipped 27.33 points to 7,679.0.

Among heavyweights, Public Bank shed 18 sen to RM24.12, Maybank eased five sen to RM9.55, TNB fell 16 sen to RM14.24, while YTL Corp and CIMB both fell three sen to 99 sen and RM6.10, respectively.

IHH Healthcare, Maxis, Axiata and Hong Leong Bank were flat at RM6.10, RM5.74, RM4.77 and RM19.06, respectively.

Of the actives, Sumatec Resources and MYEG edged up half-a-sen each to five sen and 95 sen, Berjaya Corp was flat at 31.5 sen, Sapura Energy eased one sen to 65.5 sen and Kejuruteraan Asastera inched down half-a-sen to 29 sen. — Bernama