KUALA LUMPUR, Sept 10 — Bursa Malaysia opened lower in a tight range today, mirroring the trading on Wall Street.
At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 9.33 points to 1,595,14 from 1,604.47 last Friday.
The index opened 13.64 points lower at 1,590.83.
On the broader market, gainers surpassed losers 163 to 110, while 166 counters were unchanged, 1,507 untraded and 15 others suspended.
Turnover amounted to 152.57 million shares worth RM114.46 million.
Public Investment Bank Bhd in a note said the Wall Street’s S&P 500 finished fractionally lower and sell-off for Treasuries following a mixed day in Europe, as investors weighed up signs of stimulus measures in major economies alongside the latest Brexit developments.
“Treasuries sold off as investors weighed up expectations for further rate cuts after Federal Reserve chairman Jay Powell reiterated on Friday the US central bank would “act as appropriate to sustain the expansion”.
“His remarks followed US jobs growth that slowed to a three-month low in August. Investors are already anticipating a 25 basis point rate cut this month,” it said, adding that investors are also closely watching for the latest trade developments, with the US and China agreeing to resume face-to-face talks next month.
Of the heavyweights, Axiata and Digi dropped 70 sen and 41 sen to RM4.18 and RM4.48 respectively on requotation.
Bursa Malaysia Securities has forbidden any direct business deals (DBT) involving Axiata and Digi from 8.30am to 10am as its seeking re-quotation after their suspension last Friday.
Axiata and Digi on Friday called off their proposed merger discussions due to “some complexities” involved in the proposed transaction.
Also, Petronas Dagangan stocks were forbidden from DBT during the period (corporate exercise), with its shares dropping 74 sen to RM21.70.
Bursa Malaysia also reminded dealers and remisiers that the reference price for DBT upon authorisation shall be a volume-weighted average price from 9am 10am (traded stocks); and reference price (untraded stocks).
Meanwhile, Petronas Chemical declined four sen to RM6.96 and Sime Darby Plantation was three sen lower at RM4.84.
Actively traded stocks, Sapura Energy improved 1.5 sen to 28.5 sen, Bumi Armada was half-a-sen better at 11.5 sen and Sealink rose two sen to 35.5 sen.
The FBM Emas Index went down 44.27 points to 11,236.85, the FBM Emas Shariah Index lost 102.48 points to 11,723.81 and the FBM Ace rose 3.05 points to 4,460.43 respectively.
The FBMT 100 Index shed 45.96 points to 11,074.70 and the FBM 70 edged up 20.39 points to 13,808.84.
Sector-wise, the Plantation Index up 13.66 points to 6,820.60, the Financial Services Index added 72.04 points to 15,551.21 and the Industrial Products & Services Index reduced 0.43 of-a-point to 148.69. — Bernama
