Bursa Malaysia easier at opening, investors to monitor Chinese data

KUALA LUMPUR,. Shares on Bursa Malaysia opened easier this morning with investors continue to monitor vital Chinese data for clues on how much the 16-month trade war between the US and China has impacted the world economy.

At 9am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 2.43 points to 1,594.79 from the 1,597.22 recorded at yesterday’s close.

At the opening bell, the key index opened 1.82 points lower at 1,595.40.

On the broader market, losers slightly above gainers 93 to 92, with 180 counters unchanged, 1,636 untraded and 19 others suspended.

Turnover amounted to 87.29 million shares worth RM37.33 million.

A dealer said investors will scrutinise the data expected to be released later to identify if stimulus measures taken by the Chinese government are helping the country to stem further economic slowdown.

“However, we foresee challenges for the global economy to recover with the escalating US-China trade war,” he said.

Meanwhile, Malacca Securities Sdn Bhd said yesterday’s pullback was more severe than expected after the key index slipped below the 1,600 points level, which was seen as a major psychological level after recent institutional supports helped the FBM KLCI to remain above the level.

“However, we think that fresh support could emerge as we see institutions undertaking mild bargain hunting activities on some of the losing stocks that could allow the key index to recoup some of yesterday’s losses,” it said in a note today.

The research house believed that the lower liners and broader market shares may mount a quick rebound after yesterday’s weakness, but expect to see limited gains due to the still toppish conditions that could still see bouts of profit-taking activities tempering the upsides for now.

Of the heavyweights, Maybank rose two sen to RM8.67, Tenaga and IHH Healthcare were flat each at RM13.78 and RM5.39, respectively, while Public Bank slipped two sen to RM19.94.

Of the actives, Tanco and Sapura Energy were flat at 7.5 sen and 29 sen respectively, while Malayan Flour Mills rose 1.5 sen to 73.5 sen.

The FBM Emas Index erased 4.26 points to 11,328.09, the FBMT 100 Index weakened 6.27 points to 11,139.71 and the FBM Emas Shariah Index was 12.48 points fell to 11,868.40.

The FBM Ace rose 20.18 points to 4,876.39 but the FBM 70 lost 22.41 points to 14,114.07.

Sector-wise, the Financial Services Index added 11.72 points to 15,611.66, the Plantation Index gave up 11.09 points to 6,911.14 and the Industrial Products & Services Index went down 0.63 point to 152.18. — Bernama



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