Bursa opens at lowest level since Nov 2011

FBM KLCI fell 22.83 points or 1.54% to 1,459.81 from Friday’s close of 1,482.64. 

KUALA LUMPUR: Bursa Malaysia extended its losses to open lower today following the global equities meltdown after Wall Street’s downward performance last Friday.

At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 22.83 points or 1.54% to 1,459.81 from Friday’s close of 1,482.64.

This was the lowest level since Nov 29, 2011, when Bursa’s key index closed at 1,444.72.

At the opening bell, the FBM KLCI opened 11.30 points easier at 1,471.34.

Losers led gainers by 329 to 108 on the broader market with 150 counters unchanged, 1,411 untraded and 18 suspended.

Turnover amounted to 345.71 million shares worth RM197.31 million.

In a note today, Malacca Securities Sdn Bhd said investors had turned to risk-off mode after Wall Street fell to its biggest weekly declines since October 2008 last week due to escalating fears over Covid-19.

“The stimulus package valued at RM20 billion failed to cushion the selldown.

“The exodus of foreign funds from Malaysian equities also compounded to further weakness across Malaysian equities and we expect the situation will not turn around any sooner,” it said.

With no signs of recovery, Malacca Securities said it expected volatility to persist as the key index which closed at the multi-year low continued the downward momentum.

“For now, should the 1,480 level fail to defend, the next support will remain pegged at the 1,425 level. Any recovery stemming from bargain-hunting activities may keep short towards the 1,500-1,515 levels,” it added.

Technically, the brokerage firm said, resistance would be pegged around the 1,500-1,515 levels while support would be set around the 1,470 level.

Among the heavyweights on Bursa Malaysia, Maybank slipped 22 sen to RM8.20, Public Bank erased 74 sen to RM16.36, IHH eased four sen to RM5.66 and CIMB was 13 sen lower at RM4.69 while Tenaga was 18 sen better at RM12.28.

Eden rose 13 sen to 32.5 sen, MyEG added nine sen to RM1.21, Datasonic was 13 sen higher at RM1.20, while Sapura Energy lost 1.5 sen to 17 sen and Iris inched down one sen to 12 sen.

On the index board, the FBM Emas Index declined 147.28 points to 10,331.48, the FBM Emas Shariah Index erased 84.20 points to 11,036.95 while the FBMT 100 Index gave up 147.95 points to 10,152.85.

The FBM 70 weakened 140.99 points to 12,732.93 and the FBM Ace retreated 111.07 points to 5,127.22.

Sector-wise, the Industrial Products and Services Index inched down 2.53 points to 130.27, the Financial Services Index tanked 294.46 points to 14,036.19 while the Plantation Index slipped 20.13 points to 6,789.61.