Bursa opens lower on negative Wall Street cues

TheEdge Fri, Feb 17, 2023 09:22am - 1 year View Original


KUALA LUMPUR (Feb 17): Bursa Malaysia continued its downtrend to open lower on Friday (Feb 17), taking its cue from the negative Wall Street performance amidst cautious sentiments.

At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased by 0.82 points to 1,483.44 from Thursday's close of 1,484.26.

The key index opened 0.23 of-a-point weaker at 1,484.03.

Market breadth was negative with losers surpassing gainers 242 to 95, while 255 counters were unchanged, 1,633 untraded and 36 others suspended.

Turnover amounted to 287.6 million units worth RM123.71 million.

In a note on Friday, Malacca Securities Sdn Bhd said the Dow Jones Index slipped by 1.3% due to the news that the US Federal Reserve (Fed) officials are bracing for a 50 basis points interest rate hike amid the recent batch of strong economic data.

The brokerage said as investors digest stronger-than-expected inflation reports, global sentiments have turned slightly weaker yet again in anticipation of the Fed’s hawkish tone moving forward.

“While bargain-hunting activities may occur amidst the reporting season, we believe that cautious sentiments on the global front may cap the buying momentum on the local bourse,” it said.

Meanwhile, the firm said the plantation sector might be in the spotlight after the crude palm oil price rose above RM4,000 per tonne.

“Closer to the re-tabling of Budget 2023, we remain positive on the construction, building material sectors as well as renewable energy and electric vehicle-related stocks,” it added.

In the meantime, Bursa heavyweight Malayan Banking Bhd rose one sen to RM8.78, Public Bank Bhd was flat at RM4.17, Petronas Chemicals Group Bhd was unchanged at RM8.20, while CIMB Group Holdings Bhd lost one sen to RM5.42, and Tenaga Nasional Bhd fell four sen to RM9.86.

As for the actives, Cuscapi Bhd increased one sen to 26 sen, Jade Marvel Group Bhd gained one sen to 31 sen, Bina Puri Holdings Bhd added half-a-sen to 4.5 sen, and SMRT Holdings Bhd gained 2.5 sen to 26 sen, while Nylex (Malaysia) Bhd was flat at 63 sen.

On the index board, the FBM Emas Index decreased 20.56 points to 10,795.11, the FBMT 100 Index went down 19.31 points to 10,461.96, the FBM Emas Shariah Index slipped 31.62 points to 11,145.66, the FBM 70 Index dipped 83.21 points to 13,616.77, and the FBM ACE Index was 54.53 points weaker at 5,695.02.

Sector-wise, the Plantation Index narrowed by 69.84 points to 6,831.86, the Energy Index declined 4.26 points to 896.94, the Industrial Products and Services Index eased 0.32 of-a-point to 190.14, and the Financial Services Index slipped by 4.31 points to 16,115.68.

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PBBANK 4.210
PCHEM 6.790
SMRT 0.850
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Comments

Tan Hock Siew
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when can away from American influence.other country must strong
up like China,
India,Indonesia..

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