Bursa opens lower on selling sentiment

There were 115 gainers and 120 losers, while 200 counters were unchanged, 1,505 untraded and 74 others suspended. — Picture by Razak Ghazali
There were 115 gainers and 120 losers, while 200 counters were unchanged, 1,505 untraded and 74 others suspended. — Picture by Razak Ghazali

KUALA LUMPUR, July 31 — Share prices on Bursa Malaysia opened easier this morning, dragged down by selling in heavyweights as investors took a cue from the overnight downtrend on Wall Street due to a mixed batch of corporate earnings.

At 9.00am, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 1.35 points to 1,641.34 against 1,642.69 recorded on Monday.

Losses in Public Bank weighed down the composite index by 1.36 points, with the banking stock lost 20 sen to RM22.00 after 164,900 shares changing hands.

There were 115 gainers and 120 losers, while 200 counters were unchanged, 1,505 untraded and 74 others suspended.

Malacca Securities Sdn Bhd, in a note, said the consolidation trend on Bursa Malaysia is continuing amid the lack of leads, both from local and foreign sources.

It viewed the near term outlook to remain largely unchanged with the downside bias to linger.

“The fresh trade rhetoric by US President Donald Trump is likely to keep sentiments in check again as it appears that the negotiations will remain long-drawn with neither side likely to make significant concessions that will also prolong the stalemate,” it said.

The research house viewed further near term weakness with the supports now pegged at the 1,637 level, followed by 1,630 points.

The resistances, on the other hand, are at the 1,650 and 1,660 levels respectively, it said.

Among heavyweights, Maybank added one sen to RM8.74 and Tenaga rose 26 sen to RM13.88.

Petronas Chemicals and IHH Healthcare lost three sen each to RM7.54 and RM5.72 respectively.

Actively traded stocks, Gets Global, Bumi Armada, I-Stone and KNM were all half-a-sen better at 24 sen, 23.5 sen, 19.5 sen, and 42 sen respectively.

The FBM Emas Index fell 11.12 points to 11,647.97, the FBM Ace shed 2.99 points to 4,731.91, the FBM 70 edged down 19.05 points to 14,612.98, while the FBMT 100 Index contracted 10.74 points to 11,470.41.

However, the FBM Emas Shariah Index gained 6.23 points to 12,058.22.

Sector-wise, the Plantation Index decreased 31.33 points to 6,781.15,  the Financial Services Index gave up 50.45 points for 16,141.89 and the Industrial Products & Services Index slipped 0.22 of-a-point to 155.29.

Share prices on Bursa Malaysia opened easier this morning, dragged down by selling in heavyweights amid weak market sentiment.

At 9.06am, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 1.35 points to 1,641.34 against 1,642.69 recorded on Monday.

The local bourse and its subsidiaries were closed yesterday in conjunction with the installation of Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah as the country’s 16th Yang di-Pertuan Agong. — Bernama

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