KUALA LUMPUR, June 25 ― Bursa Malaysia extended yesterday's losses to open lower today, on continued selling activities in selected heavyweights, dealers said.
At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 4.36 points to 1,498.27 from yesterday’s close of 1,502.63.
The index opened 8.19 points weaker at 1,494.44.
Overall market breadth was negative with losers outpacing gainers 320 to 133, while 310 counters were unchanged, 1,199 untraded and 31 others suspended.
Total volume stood at 550.06 million shares worth RM226.73 million.
Malacca Securities Sdn Bhd reckoned that the weakness across Wall Street overnight may permeate to stocks across Bursa Malaysia moving forward, calling for caution in the trading should share prices fall below their respective support levels.
“Already, the International Monetary Fund's (IMF’s) decision to downgrade global growth rate does not bode well on the global scale as expectations that economic recovery could stall against the consensus estimates of a recovery in the second half of the year,” it said in a research note today.
US stockmarkets endured another round of rout as the Dow Jones Industrial Average Index sank 2.7 per cent, while the Nasdaq snapped an eight-day winning streak amid the rising cases of Covid-19, coupled with the IMF’s move to slash global growth rate for 2020 and 2021.
Among heavyweights, Maybank and Petronas Chemicals declined three sen each to RM7.61 and RM6.40, respectively, TNB shed four sen to RM11.70, Public Bank fell eight sen to RM16.40, while IHH Healthcare was flat at RM5.40.
Of the most actives, AT Systematization went down one sen to eight sen, NEXT was flat at one sen, while Kanger International rose 1.5 sen to 10.5 sen and Vivocom INTL earned half-a-sen to three sen.
On the index board, the FBM Emas Index dropped 37.96 points to 10,534.56, the FBMT 100 Index depreciated 31.49 points to 10,392.49 and the FBM 70 dipped 44.33 points to 12,906.91.
The FBM Emas Shariah Index was 33.56 points down at 11,967.41, while the FBM ACE gained 26.65 points to 6,129.57.
Sector-wise, the Industrial Products and Services Index eased 0.51 of-a-point to 134.98, the Financial Services Index erased 53.92 points to 12,831.41 and the Plantation Index reduced 3.0 points to 6,772.41. ― Bernama
