Bursa Malaysia opens lower

At 9am, the FTSE Bursa Malaysia KLCI (FBM KLCI) erased 4.01 points to 1,652.57 after closing at 1656.58 yesterday. — Bernama pic
At 9am, the FTSE Bursa Malaysia KLCI (FBM KLCI) erased 4.01 points to 1,652.57 after closing at 1656.58 yesterday. — Bernama pic

KUALA LUMPUR, July 26 ― Bursa Malaysia opened lower today, tracking the weaker overnight performance on Wall Street and following the European Central Bank's decision to hold its interest rate.

At 9am, the FTSE Bursa Malaysia KLCI (FBM KLCI) erased 4.01 points to 1,652.57 after closing at 1656.58 yesterday.

It opened 2.84 points lower at 1,653.74.

Losers edged gainers 100 to 96, while 176 counters were unchanged, 1,556 untraded and 25 others suspended.

Turnover stood at 84.05 million units worth RM72.12 million.

Malacca Securities Sdn Bhd said with the wariness on Bursa Malaysia persisting, the downside risk would also continue to be a feature over the near term.

“The meek environment could also send the key index back to the 1,650 support level and if it gives way, the FBM KLCI could retrace back to the 1,644 level.

“The resistances, meanwhile, are at 1,660 and 1,667 respectively,” it said in a statement.

On the broader market, the research house noted that the FBM Small Cap index is looking to consolidate after it failed to top its year-high level in April.

Of the heavyweights, Maybank and Tenaga fell two sen each to RM8.73 and RM13.72 respectively, while Public Bank declined eight sen to RM22.60 and PetChem was five sen weaker at RM7.60.

Most active stocks today include Genting Malaysia, which jumped 24 sen to RM3.91 after reaching a settlement with Fox, Twenty First Century Fox (21CF) and The Walt Disney Company over their disputes related to the Fox-branded theme park in Genting Highlands.

Other than that, Only World Group rose 6.5 sen to 62.5 sen while Scomi was flat at 9.5 sen.

The FBM Emas Index fell 20.16 points to 11,743.16 and the FBMT 100 Index reduced 26.40 points to 11,559.50.

The FBM Emas Shariah Index weakened 40.29 points to 12,097.75, the FBM Ace inched down 1.93 points to 4,765.18 and the FBM 70 was 26.93 points lower at 14,769.70.

Sector-wise, the Plantation Index lost 28.74 points to 6,817.86,  the Financial Services Index declined 52.65 points to 16,379.04 and the Industrial Products & Services Index edged down 0.45 point to 155.76. ― Bernama