KUALA LUMPUR, July 17 — Shares on Bursa Malaysia opened lower today, extending its string of consecutive losses, with no signs of a recovery on the FBM KLCI as yet.
The downside bias is likely to continue over the near term.
At 9.06am, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 2.21 points to 1,666.73 after losing 3.43 points to 1,668.94 at yesterday's close.
It opened 1.44 points easier at 1,667.50 earlier today.
Market breadth was negative with 150 decliners trounced 79 winners, while 178 counters unchanged, 1,449 untraded and 21 others suspended.
Turnover stood at 326.56 million units worth RM94.63 million.
Malacca Securities Sdn Bhd said the key index is still consolidating after making strong gains over the May-June period that has pushed it into the overbought territory.
However, the research house said also, markets are also anticipating several new leads, both domestically and overseas, which would spur fresh buying but this could again leave the key index to drift lower.
“In addition, there are renewed concerns over the direction of global equities after they soared over 16 per cent year-to-date which have left valuations on the toppish side.”
With the consolidation likely to continue over the near term, the FBM KLCI’s supports are pegged at the 1,665 level, followed by the 1,660 level while the resistances are at 1,676 and 1,680 levels.
TNB topped losers in the heavyweights, shrinking 10 sen to RM13.68, IHH lost three sen to RM5.77, Press Metal reduced six sen to RM4.33 and Petronas Chemicals and Genting Malaysia were two sen easier at RM8.22 and RM3.37, respectively.
Of the losers, HSS Engineers and Hong Leong Financial were six sen easier at RM1.13 and RM18.62, respectively, Pos Malaysia slid five sen to RM1.76 while Teck Guan, Vitrox and MCE were all reduced four sen to RM1.09, RM6.85 and 65 sen, respectively.
The FBM Emas Index fell 15.48 points to 11,841.80 and the FBMT 100 Index down 15.23 points to 11,665.26.
The FBM Emas Shariah Index was 25.21 points easier at 12,233.48, the FBM 70 declined 18.52 points to 14,932.16 and the FBM Ace decreased 11.50 points to 4,689.23.
Sector-wise, the Financial Services Index perked 6.02 points to 16,621.24, the Plantation Index advanced 1.50 points to 6,887.15. but the Industrial Products & Services Index down 0.34 of-a-point to 159.87. —Bernama
