KL shares open lower in line with regional peers

KUALA LUMPUR: Shares on Bursa Malaysia opened lower this morning, in tandem with some regional peers, after the Chinese government announced a lower economic growth target, a dealer said.

At 9.01am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 10.16 points easier at 1,683.83 from Monday’s close of 1,693.99.

The index opened 11.8 points lower at 1,682.19.

On the broader market, losers led gainers 117 to 78, while 128 counters remained unchanged, 1,546 untraded and 18 others suspended.

Turnover stood at 55.91 million shares worth RM28.26 million.

The dealer said Asian shares were influenced by the Chinese government’s announcement that it had cut economic growth target to 6% (from 6.5%) while facing challenges from the ongoing spat with the US.

“With the revised growth target and the ongoing bickering between the two countries, we foresee fewer investments coming into Malaysia and the equity market,” the dealer said.

Among heavyweights, Maybank was flat at RM9.54, Public Bank fell six sen to RM24.56 and Tenaga declined 16 sen to RM12.80, but Petronas Chemicals rose one sen to RM9.20.

Of actives, Thrive Property shed half-a-sen to 1.5 sen, Dayang Enterprise added one sen to RM1.37, while Dynaciate Group and Vivocom Intl were flat each at 9.5 sen and two sen respectively.

The FBM Emas Index trimmed 54.24 points to 11,712.37, the FBM Emas Shariah Index went down 55.18 points to 11,633.11 and the FBMT 100 decreased 63.31 points to 11,563.54.

The FBM Ace Index inched up 8.7 points to 4,690.20 and the FBM 70 slipped 49.39 points to 13,906.68.

Sector-wise, the Financial Services Index was 38.21 points easier at 17,684.01, the Plantation Index gained 2.65 points to 7,268.65 and the Industrial Products and Services Index was 0.04 of-a-point weaker at 167.90.