KUALA LUMPUR (June 28): Bursa Malaysia opened slightly higher but turned marginally lower within minutes as it tracked the volatile trading session on Wall Street overnight, an analyst said.
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At 9.07am on Tuesday (June 28), the FBM KLCI was 0.39 of a point lower at 1,437.73 from Monday’s close at 1,438.12.
The benchmark index opened 0.86 of a point steadier at 1,438.98.
Market breadth was slightly negative with losers outpacing gainers 126 to 117, while 181 counters were unchanged, 1,918 untraded and 79 others suspended.
Turnover stood at 150.56 million units worth RM46.5 million.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said Wall Street ended lower on Monday, weighed down by losses in technology stocks as the major indices failed to sustain their momentum from last week’s rally.
The Dow Jones Industrial Average eased by 0.2%, the S&P 500 Index fell by 0.3% and the Nasdaq Composite declined 0.72%.
Meanwhile, the online equities broker was cautiously optimistic about the performance of local stocks in the near term, given the improvement in regional sentiments, while the valuation of the benchmark index remains attractive compared to those of regional peers.
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“Nonetheless, investors will remain wary as volatility both regionally and globally remain high.
“Hence, we anticipate the index to trend within the 1,430-1,450 range today (Tuesday),” Thong told Bernama.
Among the heavyweights, Axiata Group Bhd rose three sen to RM2.77, Malayan Banking Bhd (Maybank) and Dialog Group Bhd added two sen each to RM8.60 and RM2.15 respectively, while CIMB Group Holdings Bhd and Press Metal Aluminium Holdings Bhd were one sen higher at RM4.93 and RM4.70 respectively.
Public Bank Bhd eased one sen to RM4.43, while Petronas Chemicals Group Bhd and IHH Healthcare Bhd were flat at RM9.20 and RM6.48 respectively.
Of the actives, both Green Packet Bhd and Dagang NeXchange Bhd (DNeX) gave up half a sen to six sen and 79 sen respectively, Sapura Energy Bhd added one sen to 5.5 sen, while KNM Group Bhd and Yew Lee Pacific Group Bhd were flat at 12.5 sen and 25 sen respectively.
On the index board, the FBM Emas Shariah Index declined 12.87 points to 10,442.67, FBM 70 decreased 19.38 points to 12,505.17, the FBM Emas Index fell 5.33 points to 10,280.99, FBM ACE was 24.24 points lower at 4,807.41 and the FBMT 100 Index contracted 5.78 points to 10,0015.25.
Sector-wise, the Financial Services Index trimmed 0.54 of a point to 16,014.59, the Plantation Index decreased 0.40 of a point to 6,922.46, and the Industrial Products and Services Index was flat at 182.88.-BERNAMA