US Market Remains Weak, Bursa Malaysia's Threat Continues to 'Bleed'

 Bursa Malaysia's trading continued to be gloomy as it opened lower today following a buying catalyst which was seen to be declining due to a string of weak US stocks.

At 9.57am, the FTSE Bursa Malaysia KLCI (FBM KLCI) index declined 6.86 points to 1,569.11 from 1,575.97 at the close on Friday.

Examining the report released by Bernama, the key index opened 2.19 points lower at 1,573.78.

On the broader market, losers outnumbered gainers by 303 out of 196, while 361 counters were unchanged, 1,398 untraded and 16 others suspended.

Turnover stood at 528.99 million units worth RM238.53 million.

On Friday, Wall Street closed lower as investor sentiment turned negative after US Producer Price Index (PPI) data recorded gains in August covering 8.3% year -on -year.

According to Rakuten Trade, Wall Street’s performance continued to be affected by weak jobs data in the past coupled with concerns about Delta variants threatening the U.S. economic recovery.

The research firm also expects that the local bourse, KLCI is likely to maintain a correction pace in the near future due to continued profit taking activity.

For heavyweights, Maybank and Maxis rose two sen each to RM8.31 and RM4.68 respectively while Public Bank added three sen to RM4.05.

Petronas Chemicals and TNB fell two sen each to RM7.93 and RM10.28, respectively.

For active stocks, KNM Group declined 2.5 sen to 27.5 sen, Tanco Holdings jumped one sen to 24.5 sen and Emico Holdings rose three sen to 43 sen.

On the index board, FBM 100 fell 29.84 points to 11,182.48, FBM 70 rose 0.2 points to 15,044.13 and FBM ACE jumped 15.48 points to 7,270.58.

FBM Emas fell 31.77 points to 11,491.04 and FBM Emas Shariah declined 26.57 points to 12,587.63.

By sector, the Financial Services index declined 24.81 points to 15,365.36, the Industrial Products and Services index fell 0.39 points to 200.51 and the Plantation index declined 21.16 points to 6,583.06.

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