KUALA LUMPUR, Oct 2 ― Bursa Malaysia opened lower today dragged by profit-taking after a mild bargain hunting yesterday and Wall Street’s weaker overnight performance, dealers said.
At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 0.92 of-a-point to 1,588.52 from 1,589.44 yesterday.
The index opened 0.59 of-a-point weaker at 1,588.85.
On the broader market, losers led losers 164 to 66, while 176 counters were unchanged, 1,553 untraded and 19 others suspended.
Turnover amounted to 177.28 million shares worth RM54.19 million.
Wall Street ended lower after the US manufacturing activity hits a 10-year low, triggering concern among investors that effect from the US-Sino trade war beginning to spread to the US economy.
Malacca Securities Sdn Bhd said overall market conditions is likely to stay indifferent from Tuesday as further buying interest is expected to stay muted.
“However, we think that any selling could also be limited as the market following has been thin of late and the selling may be benign for now.
“Hence, we think that there should be some support around the 1,582 and 1,585 levels but if the selling is more pronounced, then the 1,580 level will come into play. The resistances, meanwhile, are at the 1,590-1,600 points levels,” said the stockbroking firm.
It said that the lower liners and broader market shares could also retreat as interest for follow-through buying would likely to stay on the thin side, due in part to the still cautious market undertone.
Among heavyweights, Maybank fell two sen to RM8.57, Tenaga was flat at RM13.70, Public Bank and IHH added four sen each to RM20.04 and RM5.72 respectively, while PChem lost four sen to RM7.47.
Of the most actives, Vivocom was flat at 1.5 sen, Sapura Energy rose half-a-sen to 28 sen while Armada eased half-a-sen to 31.5 sen.
The FBM Emas Index slipped 11.30 points to 11,224.72, the FBMT 100 Index down 9.95 points to 11,057.35 and the FBM Emas Shariah Index slid 13.42 points to 11,788.48.
The FBM 70 depreciated 27.15 to 13,905.84 and the FBM Ace rose shed 5.90 points to 4,525.92.
Sector-wise, the Financial Services Index decreased 13.92 points to 15,352.54, the Plantation Index erased 3.03 points to 6,767.71 and the Industrial Products & Services Index was 0.39 of-a-point weaker at 152.81. ― Bernama
