A Beautiful End to the Week? Investor Hopes May Melt


 Downward momentum in the local bourse continued with cautious sentiment lingering amid global market uncertainty.

At the opening, the FBM KLCI index started up 5.37 points at 1,461.76 before falling 7.82 points at 1,459.31 compared to Thursday's close at 1,467.13.

In the broader market, losses at 328 outpaced gains at 80, while 217 counters were unchanged, 1,649 untraded and 48 suspended.

Total revenue at 274.10 million units worth RM102.06 million.

According to Rakuten Trade Sdn Bhd, fears of a new recession affected the decline in Wall Street which then spilled over to the local equity market.

That streak, the KLCI index is expected to hover at 1,465-1,480 and there is a possibility of bargain-hunting activity appearing.

Heavyweight stocks saw Maybank and Petronas Chemicals Group Bhd down 4 sen at RM8.66 and RM8.42, Public Bank Bhd and Tenaga Nasional Bhd (TNB) down 3 sen at RM4.35 and RM9.18 while CIMB Group Holdings Bhd added 1 sen at RM5.76.

Active stocks saw Avillion Bhd and Synergy Bhd up 0.5 sen at 8.5 sen and 19.5 sen respectively while Ta Win Holdings Bhd remained flat at 6 sen, NWP Holdings Bhd was unchanged at 20.5 sen and Borneo Oil Bhd was flat at 2.5 sen.

On the index board, the FBM Emas index fell 58.46 points at 10,492.44, the FBMT 100 index fell 55.93 points at 10,194.98, the FBM Emas Shariah index fell 65.70 points at 10,604.08, the FBM 70 lost 75.47 points at 12,847.20 and the FBM ACE closed 46.59 points at 5,425.

In terms of sectors, the Financial Services index fell 74.17 points at 16,461.33, the Plantation index lost 26.65 points at 6,677.76, the Products and Services index dropped 0.97 points at 180.05 and the Energy index fell 8.15 points at 786.45.