Bursa Malaysia inches lower at opening

 Publish date: Mon, 17 Feb 2020, 10:32 AM

KUALA LUMPUR: Bursa Malaysia inched lower at the opening today on cautious sentiment with investors busy digesting the government's Gross Domestic Product (GDP) announcement last week, amid news of a deep economic contraction in Japan.

At 9.01am, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.03 of-a-point to 1,544.43 from Friday's close of 1,544.46, after opening 1.49 points weaker at 1,542.97 this morning.

However, gainers led losers by 144 to 56 on the broader market, with 194 counters unchanged, 1,573 untraded and 22 others suspended.

Turnover amounted to 80.56 million shares worth RM27.88 million.

Japan's Nikkei opened 1.08 per cent lower to 23,431.29.

Malacca Securities Sdn Bhd said Bursa Malaysia will likely see a recovery in local shares today with the index expected to march towards the 1,560 resistance level, followed by the 1,570 level.

In contrast, the 1,535 level remains as the immediate support.

"Market sentiments remain upbeat on the lower liners despite the sluggish key index performance of late. We see the rotational play remaining on the table, but any further gains will be dictated by a slew of corporate earnings releases over the coming one to two weeks," it said in a note today.

Among heavyweights on Bursa Malaysia, Maybank and Tenaga were flat each at RM8.47 and RM12.68 respectively, while Public Bank fell four sen to RM17.58 and Petronas Chemicals was three sen weaker at RM6.47.

Of the actives, Powerwell and TH Heavy Engineering rose one sen each to 30.5 sen and 13.5 sen respectively, but both Securemetric and Alam Maritim were flat at 15 sen and 15 sen respectively.

On the index board, the FBM Emas Index added 3.31 points to 11,069.39, the FBM Emas Shariah Index improved 1.27 points to 11,900.30 and the FBMT 100 Index gained 7.93 points to 10,860.93.

The FBM 70 advanced 43.58 points to 14,114.60 and the FBM Ace inched up 5.44 points to 5,625.25.

Sector-wise, the Industrial Products and Services Index eased 0.28 of-a-point to 146.43, the Financial Services Index was 6.94 points lower at 14,566.02 but the Plantation Index was 3.4 points higher at 7,338.51.

  - Bernama

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