KUALA LUMPUR, Nov 15 ― Bursa Malaysia continued its downtrend to open lower today as market participants adopt a cautious “wait-and-see” attitude ahead of the 15th general election (GE15), said an analyst.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 4.55 points to 1,459.45 from yesterday's close of 1,464.00.
The market bellwether opened 2.49 points easier at 1,461.51.
On the broader market, decliners led gainers 145 to 102, while 198 counters were unchanged, 1,880 untraded, and 13 others suspended.
Turnover stood at 117.48 million units worth RM41.36 million.
In a note, Hong Leong Investment Bank (HLIB) Research reiterates that FBM KLCI is likely to consolidate its recent gains after rallying from 1,373 ― a two-year low ― ahead of the crucial GE15 on November 19.
“Stiff hurdles are situated at 1,482 - 1,500 - 1,508. A decisive breakdown below the downtrend resistance line near 1,454 may push the index lower towards 1,424 -1,436 zones,” it said.
With capital preservation is key, the investment bank said it continues to advocate investors to seek refuge in banks, telcos, utilities, consumer, healthcare, and construction sectors in anticipation that the new government post-GE15 will continue to be highly supportive of domestic consumption.
Among Bursa Malaysia heavyweight stocks, both Maybank and IHH Healthcare declined four sen to RM8.55 and RM5.95, respectively, Public Bank slipped one sen to RM4.37, Petronas Chemicals shed seven sen to RM8.65 and CIMB shaved five sen to RM5.44.
Among the actives, MQ Technology inched down by half-a-sen to 3.5 sen, SYF Resources gained 1.5 sen to 34.5 sen and Top Glove Corporation added one sen to RM1.03, while Advance Synergy and Velesto Energy were flat at 14 sen and 13.5 sen, respectively.
On the index board, the FBM Emas Shariah Index declined 16.65 points to 10,503.73, the FBM Emas Index shrank 25.58 points to 10,369.59, the FBMT 100 Index narrowed 26.22 points to 10,101.77 and the FBM 70 eased 10.92 points to 12,354.55.
However, the FBM ACE improved 13.80 points to 5,023.83.
Sector-wise, the Financial Services Index declined 53.93 points to 16,234.99, the Plantation Index shed1.06 points to 6,901.30, the Industrial Products and Services Index inched down 0.15 of-a-point to 178.99, and the Energy Index lessened by 5.50 points to 726.25. ― Bernama
