Bursa Malaysia broadly lower at mid-afternoon

Bursa Malaysia (Bernama pic)

KUALA LUMPUR: Selling activity across the board saw share prices retreating on Bursa Malaysia as investors cautiously digested government plans to introduce new taxes to reduce its debt obligation.

At 3.05pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,746.02, down sharply by 28.13 points from Tuesday’s close of 1,774.15. The index opened 7.57 points higher at 1,781.72.

On the broader market, losers trounced gainers 916 to 101 while 266 counters were unchanged, 590 untraded and 18 others were suspended.

Turnover stood at 1.91 billion shares worth RM1.52 billion.

Yesterday, Prime Minister Tun Dr Mahathir Mohamad said that the government was considering new taxes to raise revenue in order to repay massive debts.

A dealer said market sentiment was also fragile amid warnings by the International Monetary Fund that risks were building up in the global financial system coupled with a further escalation in the trade tension between the United States and China could push the situation over the edge.

Among Bursa Malaysia’s heavyweights, Public Bank rose four sen to RM25, Maybank fell four sen to RM9.61, TNB lost 62 sen to RM14.76, Petronas Chemicals shed one sen to RM9.36, CIMB declined nine sen to RM5.95 and Hong Leong Bank eased two sen to RM20.58.

For actives, Sapura Energy shed one sen to 36 sen, Borneo Oil and Globaltec Formation edged down half-a-sen each to five sen and four sen, respectively, while Hibiscus Petroleum trimmed nine sen to RM1.21.

Gamuda lost 24 sen to RM2.14 after reacting negatively to news that the MRT2 contract would be terminated.

The FBM Emas Index slipped 223.51 points to 12,080.41, the FBMT 100 Index gave up 213.84 points to 11,904.84 and the FBM Emas Shariah Index erased 279.77 points to 12,080.87.

The FBM Ace Index was 160.61 points easier to 5,028.0 while the FBM70 weakened 336.07 points to 13,936.71.

Sector-wise, the Plantation Index decreased 56.18 points to 7,439.12, the Industrial Products and Services Index fell 1.75 points to 173.31 and the Financial Services fell 91.14 points to 17,587.55.