Bursa Malaysia slightly lower in early trade

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 6.09 points to 1,451.41 from yesterday’s close of 1,457.5. — Picture by Firdaus Latif
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 6.09 points to 1,451.41 from yesterday’s close of 1,457.5. — Picture by Firdaus Latif

KUALA LUMPUR, May 29 ― Bursa Malaysia retreated from yesterday's gains to open slightly lower this morning dampened by selling in the index-linked counters amid mixed market sentiment.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 6.09 points to 1,451.41 from yesterday’s close of 1,457.5.

The index opened 6.96 points weaker at 1,450.54.

On the broader market, gainers and losers were equal at 203, while 228 counters were unchanged, 1,266 untraded and 50 others suspended.

Turnover stood at 383.82 million units worth RM212.87 million.

Major Asian bourses were on a downtrend pattern as hopes for global economic revival drifted away by heightening tension between the United States and China.

Nevertheless, Malacca Securities Sdn Bhd anticipates prolong gains on the FBM KLCI as market players continue to cheer on the healthcare sector but the upsides might be capped by the rising tension between Washington and Beijing.

“It is a tale of two sides for the lower liners and broader market shares as mild profit-taking activities are taking the lead.

“The combination of weak earnings prospects and the toppish market condition after the recent recovery suggest that consolidation will take helm over the near term,” the brokerage firm said in a note today.

Malacca Securities added the resistance is now located at the 1,480 level, followed by the 1,500 psychological level, while the downside risk would be pegged at the 1,430 level.

Among heavyweights, Public Bank lost 12 sen to RM15.06, Petronas Chemicals eased three sen to RM6.16, IHH slipped one sen to RM5.45 and Maxis fell six sen to RM5.33.

Tenaga rose four sen to RM11.94 while Maybank was flat at RM7.41.

Of the most actives, Eduspec inched down half-a-sen to 2.5 sen, while Key Alliance and Lambo added half-a-sen each to eight sen and 2.5 sen respectively, Careplus gained two sen to RM1.13, Gadang bagged 3.5 sen to 50 sen, and JCY perked one sen to 32.5 sen.

On the index board, the FBM Emas Index was 32.44 points lower at 10,300.5, the FBMT 100 Index decreased 34.71 points to 10,149.57, the FBM 70 declined 12.45 points to 12,942.18, while the FBM Emas Shariah Index gave up 45.97 points for 11,844.45.

The FBM ACE, however, earned 4.97 points to 5,534.59.

Sector-wise, the Industrial Products and Services Index slipped 0.01 of-a-point to 127.77, the Financial Services Index trimmed 15.41 points to 12,364.14 and the Plantation Index erased 107.95 points to 6,701.8. ― Bernama

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