Bursa Malaysia Lower At Midday, CI Down 0.88 Pct

KUALA LUMPUR, March 4 (Bernama) -- Bursa Malaysia stayed in the red at midday as investors braced for an impending escalation in the global trade war, following the United States’ (US) confirmation of its tariff imposition on Mexico, Canada and China, effective today.  

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) decreased 13.83 points, or 0.88 per cent, to 1,557.56, from yesterday’s close of 1,571.39. 

The benchmark index opened 9.69 points lower at 1,561.70.

The broader market was also negative with decliners trouncing advancers 1,025 to 120, with 262 counters unchanged, 924 untraded and six suspended. 

Turnover stood at 2.57 billion shares worth RM1.61 billion.

In a note today, Malacca Securities Sdn Bhd said traders will continue to monitor the S&P Global Services Purchasing Managers' Index; the European Central Bank interest rate decision; and China’s trade balance this week.

“On another note, despite Pantech Global settling lower than its initial offering price yesterday, we remain optimistic due to its strong fundamentals, extensive global reach and decent market share.

“We believe the current sell down is due to the generally weak market sentiment, and the share price may gradually trade towards its fair value over the long run,” it said.

Meanwhile, the brokerage firm said that given the ongoing market weakness, traders may look into banking, utilities, and REITs due to their stable earnings and consistent dividends.

“Also, we favour ITMAX System and TIME dotCom for their resilient business model,” it added. 

Among the heavyweights, Public Bank added 1.0 sen to RM4.57, while Maybank eased 10 sen to RM10.58, CIMB gave up 2.0 sen to RM7.98, Tenaga Nasional fell 10 sen to RM13.60, and IHH Healthcare eased 1.0 sen to RM7.41. 

As for the actives, NationGate gained 18 sen to RM1.48, Ingenieur Gudang was flat at 3.5 sen, Genting Malaysia erased 10.0 sen to RM1.80, Velesto Energy edged down 1.5 sen to 15.5 sen, and MY E.G. Services shrank 3.0 sen to 90.5 sen.

On the index board, the FBM Emas Index dipped 150.91 points to 11,560.98, the FBMT 100 Index slipped 132.20 points to 11,347.17, the FBM 70 Index ticked down 316.10 points to 16,323.28, the FBM Emas Shariah Index lost 171.08 points to 11,176.95, and the FBM ACE Index depreciated 160.61 points to 4,531.46.

By sector, the Financial Services Index narrowed 100.47 points to 19,283.56, the Plantation Index shed 28.36 points to 7,491.33, the Energy Index trimmed 20.52 points to 735.03, and the Industrial Products and Services Index inched down 2.36 points to 154.17.

-- BERNAMA