Bursa opens lower on global trade concerns

KUALA LUMPUR: Bursa Malaysia was easier in early trade, reversing yesterday’s gains due to weak sentiment brought on by concerns over global trade growth and as tensions between economic powerhouses, the United States and China continues to escalate.

At 9.40am, the key FBM KLCI eased 3.08 points to 1,652.23 from 1,655.31 at 5 pm yesterday.

The barometer index opened 1.29 points weaker at 1654.02.

Market breadth was easier with losers outpacing gainers 206 to 166, with 232 counters unchanged, 1,278 untraded and 27 others suspended.

Turnover stood at 286.24 million worth RM178.66 million.

Among heavyweights, Maybank gained two sen to RM9.01, and CIMB added four sen to RM5.33.

However, Public Bank and Tenaga eased eight sen to RM23.46 and RM12.78 as Petronas Chemicals lost five sen to RM8.29.

Of the actively-traded stocks, Lambo inched up half-a-sen to six sen, Dolomite perked 15.5 sen to 23.5 sen, while Impiana Hotels shed half-a-sen to 3.5 sen and Sapura Energy was flat at 29 sen.

The FBM Emas Index decreased 13.68 points to 11,577.74, the FBMT 100 Index fell 13.68 points to 11,577.74 and the FBM Emas Shariah Index contracted 23.36 points to 11,766.87, while the FBM 70 slid 1.27 points to 14,151.35.

However, the FBM Ace rose 36.48 points to 4,256.96.

Sector-wise, the Financial Services Index bagged 15.94 points to 16,845.44 and the Plantation Index added 8.2 points to 6,941.36, but the Industrial Products & Services Index lost 0.26 of-a-point to 159.37.