Bursa Malaysia inches down at opening, tracking us overnight market

KUALA LUMPUR, Oct 20 — Bursa Malaysia inched down at opening, tracking the overnight US market, which closed lower on the stimulus plan uncertainty as the US presidential election date draws nearer.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 0.45 of-a-point to 1,517.66 from 1,518.11 at Monday’s close.

The market barometre opened 0.39 point better at 1,518.50.

On the scoreboard, losers led gainers 226 to 177, while 320 counters were unchanged, 1,428 untraded and 22 others suspended.

Total volume stood at 722.39 million units worth RM302.99 million.

The US stock market was in the red at close on Monday with the Dow Jones shrank 1.44 per cent to 28,195.42, S&P lost 1.63 per cent to 3,426.92 and Nasdaq was 1.65 per cent weaker at 11,478.88.

However, an analyst said with the Chinese strong economic data released yesterday, the Asian stock markets, including Bursa Malaysia would be able to track the strong momentum.

“This is especially when our local bourse is back with the retail investors participation since they resumed working from home mode during this CMCO,” said an analyst.

China’s gross domestic product in the third quarter saw a 4.9 per cent growth, driven mainly by exports to countries that are still struggling with Covid-19.

Meanwhile, Rakuten Trade expects persistent buying interest in the broader market today as trading volume continues to improve.

“The gloves, mask and healthcare-related stocks would still be in focus as our Covid-19 infections continue to rise and more people are working from home. Hence, we advocate investors to take positions and ride the trend,” it said in a note today.

Of the heavyweights, Maybank gained seven sen to RM7.27, Sime Darby added five sen to RM2.45, and Axiata and IHH inched up two sen each to RM2.74 and RM4.98, respectively.

The most active counters were led by Luster and Mah Sing, which have expressed their interest to join the rubber glove bandwagon.

Luster improved 3.5 sen to 26 sen and Mah Sing was 12 sen higher at RM1.36.

AT Systematization inched up half-a-sen to 10.5 sen and Aneka Jaringan was 1.5 sen weaker at 31.5 sen.

Top gainers included Scientex, accumulating 16 sen to RM12.56, while Salcon and Yinson adding nine sen each to 44 sen and RM4.91, respectively.

On the index board, the FBM Emas Index slipped 6.21 points to 11,031.77, the FBMT 100 Index eased 8.93 points to 10,820.00 and the FBM Emas Shariah Index decreased 25.39 points to 13,264.20.

The FBM 70 erased 34.29 points to 14,606.51 and the FBM ACE fell 34.02 points to 11,137.74.

The Financial Services Index, however, improved 32.93 points to 12,478.17, the Industrial Products and Services Index edged up 0.12 of-a-point to 146.63 but the Plantation Index lost 20.47 points to 6,897.05. — Bernama