Bursa opens lower amid overnight fall on Wall Street

KUALA LUMPUR: Share prices on Bursa Malaysia opened lower today, taking the cue from the overnight fall on Wall Street, with investors remaining cautious over the US-China trade dispute as a new round of US tariffs came into effect yesterday, dealers said.

At 9.07am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.66 points lower at 1,798.51 from Monday’s close of 1,800.17, after opening 2.03 points lower today at 1,798.14.

On the broader market, losers led gainers 110 to 103, with 181 unchanged, 1,504 untraded and 28 others suspended.

Volume stood at 145.53 million units valued at RM61.56 million.

Maybank IB Research in a note said the equities market is expected to come under further pressure today after the US and China hit each other with their biggest round of tariffs.

However, it said oil & gas stocks will continue to attract interest after oil prices advanced overnight.

“Technically, we expect the FBM KLCI to trade between 1,790 and 1,820 today. Downside supports are 1,780 and 1,760,” it added

Of heavyweights, Public Bank and CIMB Group shed two sen each to RM24.98 and RM6.01 respectively, Tenaga was four sen lower at RM15.48, Petronas Chemicals slid five sen to RM9.41, while Maybank was one sen better at RM9.80.

For actives, Sapura Energy added 1.5 sen to 44.5 sen and Hibiscus Petroleum gained four sen to RM1.17 while Borneo Oil and Reach Energy were flat at 5.5 sen and 43.5 sen respectively.

Debutant on the Leading Entrepreneur Accelerator Platform (LEAP) Market, Amlex Holdings Bhd, edged up half a sen to 15.5 at the opening.

The FBM Emas Index was down 4.56 points at 12,535.88, the FBMT 100 Index reduced 5.60 points to 12,345.98 and the FBM Emas Shariah Index eased 0.33 point to 12,680.58.

The FBM Ace Index slipped 9.39 points to 5,139.51 while the FBM 70 improved 15.52 points to 14,777.09.

Sector-wise, the Finance Index fell 9.54 points to 17,828.53 and the Industrial Products and Services Index eased 0.33 point to 176.83, but the Plantation Index added 6.63 points to 7,532.05.