Bearish Sentiment Globally Pressures Bursa Malaysia To Open Lower

By Harizah Hanim Mohamed

KUALA LUMPUR, Sept 9 (Bernama) -- Bearish sentiment in the global stock markets pressured Bursa Malaysia to open easier on Monday, and the market is expected to trade in cautious mode throughout the day, a dealer said.

At 9.16 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) erased 8.57 points to 1,644.55 from last Friday’s close of 1,653.12.

The benchmark index opened 5.92 points weaker at 1,647.20.

Across the broader market, losers thumped gainers 487 to 90, with 256 counters unchanged, 2,454 untraded and 16 suspended.

Turnover totalled 471.43 million units valued at RM519.71 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said Wall Street closed broadly lower last Friday, with the Dow Jones Industrial Index losing 410 points while the Nasdaq declined by 437 points with the US 10-year yield inching lower at 3.716 per cent, following mixed economic data released last week.

"Traders are expected to be in cautious mode, digesting the impact on the stock markets, and in addition to that, the Malaysian Anti-Corruption Commission’s probe on YTL Communications Sdn Bhd over the RM4.07 billion 1BestariNet service tender further dampened sentiments locally,” he told Bernama.

However, he added that the debut of 99 Speed Mart Retail Holdings Bhd would likely inject  some excitement into the local bourse.

“For today, we expect the index to hover within the 1,650-1,660 range,” he added.

Regionally, Asian share markets experienced a decline as investors opted for safer harbours instead of risk assets amid concerns regarding a potential US economic downturn. 

This led to a decline in bond yields and commodity prices.

Key counters in the heavyweights Maybank lost six sen to RM10.74, Tenaga Nasional was down 10 sen to RM14.62, Hong Leong fell 20 sen to RM20.90, Petronas Chemicals was five sen easier at RM5.53, and Public Bank was two sen lower at RM4.73.

YTL Power International emerged as biggest loser in the heavyweights, losing 10 sen to RM3.42, while YTL Corporation dropped three sen to RM2.46. 

Main Market debutante 99 Speed Mart added 23 sen to RM1.88, with 185.71 million shares changing hands, while Velesto and Barakah Petroleum were down half-a-sen each to 19 sen and seven sen, Borneo Oil  was flat at half-a-sen and Genetec lost 2.5 sen to 88 sen.

On the index board, the FBM Emas Index lost 68.39 points to 12,207.67, the FBM Emas Shariah Index trimmed 73.80 points to 12,003.45 and the FBMT 100 Index was down 66.03 points to 12,919.18. 

The FBM 70 Index dipped 100.96 points to 16,985.49, while the FBM ACE Index was 48.23 points easier at 5,036.22.

By sector, the Financial Services Index dropped 103.64 points to 19,498.83, the Industrial Products and Services Index dwindled 1.66 points to 173.64, the Energy Index shed 10.81 points to 864.38 and the Plantation Index lost 14.16 points to 7,229.24.

-- BERNAMA