Bursa opens lower on downbeat US data

TheEdge Wed, Jun 29, 2022 09:38am - 1 month View Original

KUALA LUMPUR (June 29): Bursa Malaysia opened lower in most indices on Wednesday (June 29) as downbeat US economic data ignited fears on corporate earnings’ outlook, analysts said. 

At 9.06am, the FBM KLCI had declined 9.44 points to 1,445.30 from Tuesday's close at 1,454.74. 

The benchmark index opened 4.29 points lower at 1,450.45.

On the broader market, losers led gainers 237 to 65, while 154 counters were unchanged, 1,850 untraded and 89 others suspended.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said Wall Street had slumped after a strong opening following the release of disappointing US economic data. 

The Dow Jones Industrial Average lost 491 points, while the Nasdaq declined by 343 points.

Back home, he said the KLCI closed higher on Tuesday due to late buying activities, particularly by foreign funds.

“However, we reckon that such buying may dissipate today (Wednesday) in view of the weakness on Wall Street, thus we anticipate the index to trend within the 1,440-1,460 range,” Thong told Bernama.

Meanwhile, crude palm oil prices continued their rebound, closing at RM5,160 per tonne on Tuesday, while oil benchmark Brent crude inched towards the US$120 (about RM528) per barrel mark on declining inventory.

Among the heavyweights, Sime Darby Plantation Bhd lost 13 sen to RM4.30, Public Bank Bhd eased four sen to RM4.42, Press Metal Aluminium Holdings Bhd fell seven sen to RM4.79, PPB Group Bhd shed 40 sen to RM15.70, CIMB Group Holdings Bhd declined four sen to RM4.96 and Malayan Banking Bhd (Maybank) gave up three sen to RM8.61.

Of the actives, Hibiscus Petroleum Bhd decreased three sen to RM1, Bina Puri Holdings Bhd eased half a sen to four sen, Dynaciate Group Bhd added half a sen to 12.5 sen and Cypark Resources Bhd weakened two sen to 43 sen. 

On the index board, the FBM Emas Index depreciated 73.05 points to 10,302.80, the FBM Emas Shariah Index narrowed 82.93 points to 10,472.81, FBM 70 slid 112.10 points to 12,422.15, FBM ACE contracted 23.58 points to 4,771.28 and the FBMT 100 Index fell 71.43 points to 10,039.69.

Sector-wise, the Financial Services Index trimmed 87.67 points to 16,026.19, the Plantation Index lost 79.23 points to 6,962.94, and the Industrial Products and Services Index was 1.20 points lower at 183.36.

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