KUALA LUMPUR, June 25 ― Bursa Malaysia ended the morning session in negative territory in line with the weaker sentiment in Asian markets, due to concerns over the International Monetary Fund’s (IMF) latest forecast on global economic growth.
At noon break, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) shed 10.11 points to 1,492.52 from yesterday’s close of 1,502.63.
The index opened 8.19 points weaker at 1,494.4 and moved between 1,484.40 and 1,498.61 throughout the session.
Losers surpassed gainers 608 to 214, while 388 counters were unchanged, 752 untraded and 31 others suspended.
Total volume stood at 2.40 billion shares worth RM1.19 billion.
On Wednesday, the IMF slashed its economic forecast once again, estimating a contraction of 4.9 per cent in global gross domestic product in 2020, lower than the 3.0 per cent fall it predicted in April.
It also warned that public finances would deteriorate significantly as governments attempt to combat the fallout from the Covid-19 crisis.
“The Covid-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecasted,” the IMF said in its World Economic Outlook update.
Meanwhile, the decline in several Bursa Malaysia heavyweight counters had also weighed on its performance, with Axiata Group dropping eight sen to RM3.40, Petronas Chemicals slipping nine sen to RM6.34 while TNB shed 10 sen to RM11.64.
Maybank was three sen lower at RM7.16, while Public Bank fell nine sen to RM6.34.
Of the most active, AT Systematization eased half-a-sen to 8.5 sen, Green Packet shed five sen to 57 sen, while NETX earned half-a-sen to 1.5 sen and Kanger International rose one sen to 10 sen.
On the index board, the FBM Emas Index slid 73.43 points to 10,499.09, the FBMT 100 Index depreciated 71.26 points to 10,352.72, while the FBM 70 erased 93.23 points to 12,858.01.
The FBM Emas Shariah Index was 84.79 points lower at 11,916.18, while the FBM ACE gained 47.72 points to 6,150.64.
Sector-wise, the Industrial Products and Services Index declined 1.14 point to 134.05, the Financial Services Index reduced 74.60 points to 12,810.73, while the Plantation Index contracted 54.96 points to 6,720.45. ― Bernama
