Bursa Malaysia opens higher but retreated thereafter

It was a good opening for Bursa Malaysia but it retreated soon after.

KUALA LUMPUR: Bursa Malaysia opens higher but retreated thereafter on persistent market volatility due to US-China trade war.

At 9.06am, the key FTSE Bursa Malaysia KLCI (FBM KLCI) was down 0.77 of-a-point to 1,604.59 after opening 3.38 points higher at 1,608.74.

Losers outpaced gainers 160 to 80, with 141 counters unchanged, 1,531 untraded and 38 others suspended.

Turnover stood at 101.9 million worth RM50.27 million.

A dealer said external sentiment remains jittery given the unpredictable US-China trade war situation which continues to escalate with tit-for-tat tariffs and other trade restrictions unlikely to end soon.

“With the selling returning, we see the key index potentially retreating below the 1,600 support once again to the 1,595 and 1,592 levels. On the other hand, the resistances are at 1,610 and 1,620 respectively,” he said.

Among heavyweights, Maybank lost four sen to RM8.96 while Public Bank gained 14 sen to RM22.56 and Petronas Chemicals added one sen to RM8.81.

TNB and CIMB were flat at RM11.58 and RM5.16 respectively.

Of the actively-traded stocks, Barakah and KNM slipped half a sen each to seven sen and 18.5 sen respectively, and Dayang lost four sen to RM1.11.

IOI Properties and Hubline were flat at RM1.19 and 5.5 sen respectively.

The FBM Emas Index was down 14.02 points to 11,286.03, the FBMT 100 Index eased 10.10 points to 11,126.7 and the FBM Emas Shariah Index erased 24.06 points to 11,427.28.

The FBM 70 declined 31.891 points to 13,823.43 but the FBM Ace rose 17.69 points to 4,412.83.

Sector-wise, the Financial Services Index eased 3.43 points to 16,559.44, the Plantation Index was weaker by 4.86 points at 6,890.64 and the Industrial Products & Services Index was 0.18 of-a-point lower at 163.64.