KUALA LUMPUR, Aug 3 — Bursa Malaysia opened lower today, extending last week's weakness mainly in the financial services index.
At 9.12am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 6.25 points, or 0.39 per cent, to 1,597.50 from 1,603.75 at last Thursday’s close.
The key index opened 8.74 points weaker at 1,595.01 at 9am.
However, market breadth was positive, with gainers leading losers 338 to 246, while 298 counters were unchanged, 1,073 untraded and 23 others suspended.
Trading volume stood at 978.91 million shares worth RM625.05 million.
The market was closed last Friday for the Hari Raya Aidiladha celebration.
Malacca Securities Sdn Bhd said sentiment was grappled with renewed volatility as investors were quick to offload their holdings after Malaysia’s political situation took another unexpected twist with the dissolution of Sabah state assembly.
“We expect the volatility to remain a feature as investors brace for a barrage of corporate earnings releases towards the end of the month which take into account the full impact of the movement control order (MCO).
“With the healthcare-related stocks expected to remain on the front seat, we see the technology sector keep pace as Nasdaq marched towards a near all-time high. The plantation sector may warrant another glance as crude palm oil (CPO) prices stabilised,” it said in a research note.
Technically, the brokerage firm said the FBM KLCI is likely to see consolidation taking shape with 1,615 as the immediate resistance, followed by 1,630. Support is pegged at 1,585, followed by 1,560.
Of the heavyweights, banking stocks Maybank fell nine sen to RM7.58 and Public Bank eased 40 sen to RM16.60.
Top Glove rose 42 sen to RM26.30, Hartalega increased 82 sen to RM21.10, while Tenaga dropped 10 sen to RM11.34.
Of the most actives, Hubline gained half-sen to nine sen, Notion added 11 sen to 92.5 sen while XOX fell half-a-sen to 25.5 sen.
Top losers were led by Nestle which declined RM1.30 to RM140.70, Vitrox eased 56 sen to RM11.72 and Public Bank.
Meanwhile, top gainers MPI elevated 98 sen to RM14.18, followed by Hartalega and Kossan which improved 54 sen to RM18.14.
On the index board, the FBM Emas Index edged down 18.19 points to 11,395.73, the FBM Emas Shariah Index was 47.85 points firmer at 13,487.38 but the FBMT 100 Index shrank 22.43 points to 11,231.64.
The FBM 70 lifted 57.29 points to 14,552.87 and the FBM ACE was 166.12 points higher at 8,701.00.
Sector-wise, the Industrial Products and Services Index trimmed 0.40 of-a-point to 140.73, the Financial Services Index declined 145.87 points to 13,019.64 and the Plantation Index erased 59.16 points to 7,088.35. — Bernama
