Bursa opens lower amid political uncertainty

 

An investor monitors the stock prices in the gallery of the RHB Investment Bank Bhd headquarters in Kuala Lumpur March 17, 2020. ― Picture by Hari Anggara

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KUALA LUMPUR, Aug 16 — Bursa Malaysia opened broadly lower on Monday amid weak sentiment due to the fluid political situation, with the key index falling below 1,500 points.  

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) shed 9.02 points or 0.60 per cent to 1,496.09 from Friday’s close of 1,505.11. 

The index opened 5.19 points weaker at 1,499.92. 

On the broader market, losers hammered gainers 518 versus 44, while 207 counters were unchanged, 1,442 untraded and 19 others suspended.

Turnover stood at 455.12 million units worth RM158.30 million

Malacca Securities Sdn Bhd said investors’ sentiment might be lifted as non-essential activities in several economic sectors, including manufacturing, were allowed to resume from today, the fluid political developments might limit the upside potential in the stock market over the near term.

“As more sectors are allowed to reopen, investors may pinpoint the recovery theme sectors such as consumer-related, building material and construction. Besides, plantation stocks may be in the limelight as crude palm oil price is trading near the all-time high zone,” the brokerage said in a research note today. 

Among the heavyweights, Petronas Chemicals, IHH Healthcare and Hong Leong Bank were flat at RM7.96, RM5.80 and RM18.22, respectively. Meanwhile Maybank, TNB and CIMB fell three sen each to RM8.02, RM9.63 and RM4.57, respectively, and Public Bank declined two sen to RM3.92. 

Of the actives,  Advance Synergy rose one sen to 18 sen, Avillion increased 3.5 sen to 22.5 sen, Tanco and Malayan United Industries inched up half-a-sen to 22 sen and nine sen, respectively, while Metronic Global slipped half-a-sen to 3.5 sen and Serba Dinamik eased one sen 42.5 sen. 

On the index board, the FBM Emas Index trimmed 74.67 points to 10,940.35, the FBM ACE gained 152.95 points to 6,986.83, the FBM 70 dropped 113.08 points to 14,378.08, the FBM Emas Shariah Index lost 94.17 points to 11,997.04, and the FBMT 100 Index went down 69.31 points to 10,662.42. 

Sector-wise, the Financial Services Index decreased 55.09 points to 14,728.01, the Plantation Index was 61.72 points easier at 6,151.69, and the Industrial Products and Services Index fell 1.01 points to 188.01. — Bernama