Bursa opens in the red, tracking decline on Wall street

TheEdge Fri, May 06, 2022 09:18am - 1 year View Original

KUALA LUMPUR (May 6): Bursa Malaysia opened the morning session in the red on Friday (May 6), tracking the decline on Wall Street as sellers emerged on a mega selling spree as the US 10-year yield surged pass the 3% level, a dealer said.

At 9.05am, the benchmark FBM KLCI had slipped 7.94 points to 1,575.04 from Thursday’s close at 1,582.98.

The index opened 8.83 points lower at 1,574.15.

On the broader market, losers trounced gainers 435 to 55, while 156 counters were unchanged, 1,592 untraded and 16 others suspended.

Total turnover stood at 180.54 million worth RM103.91 million.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the Dow Jones Industrial Average lost more than 1,000 points, while the Nasdaq fell by almost 650 points overnight.

"In view of the dramatic decline on Wall Street, we believe regional markets would see a tumultuous trading day today (Friday)," he told Bernama.

On the home front, he reckoned that the KLCI will trend lower within the 1,570-1,585 range on Friday.

Among Bursa heavyweights, Malayan Banking Bhd (Maybank) stayed flat at RM8.99, both Public Bank Bhd and CIMB Group Holdings Bhd lost one sen to RM4.62 and RM5.10 respectively, Petronas Chemicals Group Bhd slid 12 sen to RM10.18 and IHH Healthcare Bhd was down two sen at RM6.58.

Of the actives, PUC Bhd recovered half a sen to 6.5 sen, Muhibbah Engineering (M) Bhd added four sen to 56.5 sen, while Bintai Kinden Corp Bhd, PDZ Holdings and Saudee Group were unchanged at 12.5 sen, 4.5 sen and 5.5 sen respectively. 

On the index board, FBM ACE shed 49.06 points to 5,525.50, FBM 70 dipped 125.14 points to 13,498.41, the FBM Emas Index narrowed 69.86 points to 11,279.90, the FBMT 100 Index shrank 65.87 points to 10,933.64 and the FBM Emas Shariah Index dropped 83.23 points to 11,816.77.

Sector-wise, the Financial Services Index decreased 60.51 points to 16,650.81, the Industrial Products and Services Index was 1.53 points lower at 207.26, and the Plantation Index slumped 106.11 points to 8,657.83.

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