KUALA LUMPUR, Aug 2 — Bursa Malaysia stayed lower at mid-morning on selling activities across the board, dragged down by bearish market sentiment.
At 11.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 13.38 point to 1,625.69 from yesterday’s close of 1,639.07.
The benchmark index opened 7.68 points weaker at 1,631.39.
There were 543 losers to 122 gainers, while 296 counters remained unchanged, 936 untraded and 28 others suspended.
Turnover stood at 877.80 million units worth RM499.72 million.
Rakuten Trade Sdn Bhd said the global economy is expected to see a setback following a surprise tariff announcement from the United States which would escalate trade tensions between Washington and Beijing.
US President Donald Trump on Thursday said the US is putting 10 per cent tariffs on another US$300 billion (RM1.24 trillion) worth of Chinese goods starting September 1.
Meanwhile, the online equity broker said although the local bourse is anticipated to see support at the 1,630 level, it continues to recommend investors to buy the dip especially index-linked stocks.
“On our radar would be banking stocks which were sold down over the last few days in particular Maybank, Public Bank, CIMB and RHB Bank,” it said in a note today.
On Bursa, among heavyweights, Maybank and PChem each shed two sen to RM8.67 and RM7.45 respectively, Public Bank dropped 12 sen to RM12.70, Tenaga fell 20 sen to RM13.84 and IHH declined five sen RM5.71.
Of the top losers, Nestle gave up RM1.20 to RM147.50, PPB weakened 22 sen to RM18.50 followed by Tenaga, while HLFG lost 20 sen to RM17.74.
Of the active stocks, Netx and PA were flat at 1.5 sen and 5.5 sen respectively while KNM shed one sen to 39.5 sen.
The FBM Emas Index contracted 92.59 points to 11,519.48, the FBMT 100 Index depreciated 90.45 points to 11,345.83, the FBM Ace eased 61.60 points to 4,711.84, the FBM Emas Shariah Index slid 107.82 points to 11,940.84, while the FBM 70 reduced 102.64 points to 14,391.74.
Sector-wise, the Financial Services Index gave up 80.60 points to 15,966.77, the Plantation Index fell 56.76 points to 6,666.18 and the Industrial Products and Services Index slipped 0.81 point to 154.44. — Bernama
