Bursa Malaysia opens lower over rising geopolitical concerns

TheEdge Fri, Feb 18, 2022 09:46am - 2 years View Original


KUALA LUMPUR (Feb 18): Bursa Malaysia has retreated from its gains this week to open lower on Friday (Feb 18), tracking the weaker performance on Wall Street on concerns over the renewed geopolitical risk between Russia and Ukraine, a dealer said.

At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.78 points to 1,603.24 from 1,605.02 at Thursday's close, after opening 3.28 points lower at 1,601.74.

Market breadth was negative with losers leading gainers 314 to 143, while 249 counters were unchanged, 1,533 untraded and 11 others suspended.

Turnover stood at 345.68 million units worth RM185.3 million.

Malacca Securities Sdn Bhd said global stock markets continued to be spooked by the tension between Ukraine and Russia.

On the home front, the brokerage said profit-taking activities may arise in selected palm oil-based companies following the strong rally on Thursday. 

"Meanwhile, technology stocks may retreat, tracking the Nasdaq’s overnight plunge on Wall Street," it said in a note on Friday.

Bursa heavyweights Kuala Lumpur Kepong Bhd advanced 32 sen to RM26.12, CIMB Group Holdings Bhd lost four sen to RM5.59, Malayan Banking Bhd fell three sen to RM8.65, Petronas Chemicals Group Bhd gave up seven sen to RM9.23, and IHH Healthcare Bhd gained three sen to RM6.62.

As for the actives, SMTrack Bhd stayed flat at 24 sen, Datasonic Group Bhd gained two sen to 49 sen, and Niche Capital Emas Holdings Bhd added 2.5 sen to 18 sen.

On the index board, FBM ACE decreased 40.71 points to 6,295.92, FBM 70 reduced 60.78 points to 13,753.81, FBM Emas Index declined 21.01 points to 11,447.64, FBMT 100 Index inched down 20.45 points to 11,127.79, and FBM Emas Shariah Index was unchanged at 12,208.02.

Sector-wise, the Financial Services Index erased 61.65 points to 16,403.97, the Industrial Products and Services Index was 0.82 of-a-point lower at 210.96, while the Plantation Index gained 10.74 points to 7,978.01.

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