Bursa Malaysia lower at mid-afternoon on profit-taking

At 3.09pm, key index FTSE Bursa Malaysia KLCI (FBM KLCI) erased 9.44 points, or 0.689 per cent to 1,360.48 from 1,369.92 at yesterday’s close. — Bernama pic
At 3.09pm, key index FTSE Bursa Malaysia KLCI (FBM KLCI) erased 9.44 points, or 0.689 per cent to 1,360.48 from 1,369.92 at yesterday’s close. — Bernama pic

KUALA LUMPUR, April 8 ― Shares on Bursa Malaysia were lower mid-afternoon on profit-taking activities, as investors remained cautious over the decision to cut down on crude oil production.

At 3.09pm, key index FTSE Bursa Malaysia KLCI (FBM KLCI) erased 9.44 points, or 0.689 per cent to 1,360.48 from 1,369.92 at yesterday’s close.

The key index opened 3.46 points weaker at 1,366.46.

Market breadth was negative with losers surpassing gainers 495 to 344, while 331 counters were unchanged, 750 untraded and 20 others suspended.

Turnover stood at 3.89 billion shares worth RM1.70 billion.

A news report said Saudi Arabia, Russia and allied oil producers will agree to reduce their crude production at talks this week, only if the United States and several others join in with curbs to help prop up the crude oil price.

The global oil demand has shrank by as much as 30 per cent as countries restricted travelling to stop the Covid-19 spread.

Meanwhile, of the heavyweights, Maybank rose four sen to RM7.87, IHH added one sen to RM5.13, while Tenaga lost 20 sen to RM12.00 and Public Bank was four sen weaker at RM15.86.

Among the active stocks, Ekovest and Gamuda-WE gained 3.5 sen each to 48 sen and 15.5 sen, respectively, while Hibiscus Petroleum was 1.5 sen weaker at 53 sen.

On the index board, the FBM Emas Index erased 55.87 points to 9,421.84, the FBM Emas Shariah Index went down 69.38 points to 10,333.18 and the FBMT 100 Index was 55.51 points weaker at 9,312.26.

The FBM 70 fell 28.09 points to 11,056.11 and the FBM Ace decreased 37.78 points to 4,195.12.

Sector-wise, the Industrial Products and Services Index edged up 0.14 of-a-point to 109.47, the Financial Services Index added 1.28 points to 12,417.58 but the Plantation Index contracted 159.22 points to 6,192.59. ― Bernama

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