KL shares open lower today weighed down by selling activities

KL shares open lower today weighed down by selling activities

KUALA LUMPUR,. Bursa Malaysia opened lower today weighed down by selling activities in most heavyweights, taking the cue from the weaker performance on Wall Street and European stock markets overnight, dealers said.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 5.79 points weaker at 1,780.15 from yesterday’s close of 1,785.94.

The index opened 3.82 points lower at 1,782.12.

On the broader market, losers led gainers 209 to 68 with 183 unchanged, 1,421 untraded and 30 others suspended.

Volume stood at 125.55 million units valued at RM44.88 million.

Trade war concerns have reportedly weighed heavily on Wall Street and the European stock markets, while rising US interest rates have dented the performance of emerging markets.

Maybank Investment Bank Bhd said following a broad retreat in global equities as the US dollar strengthened, commodities market were pressured after copper fell in a bear market.

“As such we expect the domestic market to stay volatile with profit-taking moves likely to intensify.

“Technically, the FBM KLCI is expected to trade between 1,750 and 1,790 today. Downside supports are 1,760 and 1,709,” it said in a research note today.

Among the heavyweights, Maybank fell two sen to RM9.77, Public Bank dropped four sen to RM24.44, Tenaga eased six sen to RM15.76, while Petronas Chemicals and CIMB each lost three sen to RM9.27 and RM5.85, respectively.

Of actives, Vivocom was flat at 3.5 sen, AHB bagged 6.5 sen to 24.5 sen while Sapura Energy shed one sen to 57.5 sen.

Of the top losers, Petronas Gas slid 14 sen to RM18.52, Top Glove contracted 10 sen to RM10.40 and Hong Leong Bank was down eight sen at RM19.10.

The FBM Emas Index dipped 38.21 points to 12,604.25, the FBMT100 Index fell 37.55 points to 12,374.81 and the FBM 70 decreased 36.68 points to 15,397.00.

The FBM Emas Shariah Index shed 48.54 points to 12,773.74 and the FBM Ace was 16.61 points easier at 5,518.35.

Sector-wise, the Finance Index declined 39.16 points to 17,386.70, the Plantation Index went down 3.77 points to 7,616.12 and the Industrial Index shrank 16.20 points to 3,228.14.

— Bernama