Bursa opens marginally lower

Mild selling pressure has pulled down the Bursa Malaysia main index to a slightly lower opening. — Bernama pic
Mild selling pressure has pulled down the Bursa Malaysia main index to a slightly lower opening. — Bernama pic

KUALA LUMPUR, Nov 28 — Bursa Malaysia opened marginally lower today on mild selling activities in the broader market.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.26 points to 1,584.92 from yesterday's close of 1,587.18.

At the opening bell, the barometer index was 0.8 of-a-point higher at 1,588.08.

On the broader market, there were 130 gainers and 103 losers, while 183 counters unchanged, 1,598 untraded and 76 others suspended.

Turnover amounted to 145.27 million shares worth RM53.65 million.

Malacca Securities Sdn Bhd said Bursa Malaysia was likely to remain range-bound over the near-term with base building process continuing ahead of the potential year-end window dressing activities in the coming weeks.

“With the results reporting coming to an end, the market will again be devoid of fresh domestic catalysts and the US-China trade negotiations will be the main driver for market players to follow, albeit we think that market participation is likely to thin in the coming weeks on the back of the year-end holidays.

“While we think the rangebound trend will persist, we also think that there is still some near-term upside bias as the key index attempts to retest the 1,590 level as part of its mild rebound,” it said in a note today.

Malacca Securities said many lower liners and broader market shares were still on their consolidation phase after their recent strong gains and would continue as more market players close out their winning positions ahead of the year-end holdings.

Among heavyweights, TNB rose six sen to RM13.62 while Petronas Chemicals, IHH Healthcare, Maxis and Axiata were flat at RM7.13, RM5.40, RM5.41 and RM4.26, respectively.

Maybank fell five sen to RM8.53, Public Bank declined eight sen to RM19.66, CIMB eased one sen to RM5.24 and Digi trimmed three sen to RM4.58.

Of the actives, Yong Tai inched half-a-sen to 22 sen, MCT added one sen to 31 sen, Sapura Energy and Iris Corp were flat at 28 sen and 15 sen, while Solarvest shed 3.5 sen to 78.5 sen, Bumi Armada trimmed 1.5 sen to 51 sen and Nova MSC edged down half-a-sen to 6.5 sen.

The FBM Emas Shariah Index expanded 7.12 points to 11,814.53, the FBM Emas Index was 11.57 points easier at 11,246.49, the FBM 70 slipped 1.96 points to 14,039.43, the FBMT 100 Index decreased 12.40 points to 11,062.99 and the FBM Ace shaved off 6.05 points to 4,820.1.

Sector-wise, the Plantation Index discounted 3.08 points to 7,127.2, the Financial Services Index depreciated 34.92 points to 15,420.13, and the Industrial Products & Services Index inched down 0.05 of-a-point to 151.77. — Bernama

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