Bursa Malaysia ends lower on heavy selling pressure

KUALA LUMPUR: Bursa Malaysia ended 1.37% lower as the local bourse took a delayed hit following the fall in the US Dow Jones Industrial Average last Friday and yesterday, which contributed to the heavy selling today.

At the close, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 22.17 points to end at 1,592.88 from Friday’s close of 1,615.05.

The key index opened 0.19 of-a-point higher at 1,615.24, its intraday high, and hit a low of 1,591.29 just before the closing bell.

On the broader market, losers outpaced gainers 744 to 172, while 277 counters remained unchanged, 713 untraded and 18 others suspended.

Turnover increased to 2.19 billion units worth RM1.69 billion against 1.97 billion units worth RM1.55 billion last Friday.

Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew said on Friday, the Dow Jones was down 91 points and it continued its downtrend on Monday, slumping 400 points, and this was reflected in the local market today.

“The local bourse was closed yesterday as a replacement leave for Hari Raya Aidiladha, hence, the market saw a double-whammy impact today,” he told Bernama.

He added that the technology sector, which saw a 2.21% decline, was in line with the 1.20% drop in the US Nasdaq Composite due to lingering US-China trade tensions.

“The highest sell-off today was in the technology sector, followed by property. The financial sector meanwhile took a hit due to the sell-off in selected banking heavyweights,” he said.

Market heavyweights, Public Bank shed 78 sen to RM20.74, Maybank lost four sen to RM8.56, Hong Leong Bank fell 12 sen to RM17.40, Tenaga Nasional dropped 22 sen to RM13.60 and Petronas Chemicals slid 15 sen to RM7.24.

As for the actives, Sapura Energy, Eduspec, KNM and Berjaya Corp all shed half-a-sen to 28 sen, 5.5 sen,

Read More Here...

Bookmark the permalink.