Bursa Malaysia Moves Insignificantly, Chinese Economy Hits Local Market


 The Bursa Malaysia market was seen to be unchanged during this morning's trading session due to market sentiment now being more cautious following Wall Street's weak performance overnight.

At exactly 9.35 this morning, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 0.34 points to 1,511.68 from 1,511.34 when it closed yesterday.

The barometer index opened 1.03 points lower to 1,510.31.

The market sentiment is negative where counters in losses outnumber gainers by 268 compared to 217. Meanwhile, 327 counters were unchanged, 1,437 counters were not traded and nine others were suspended.

The total turnover was 55.53 million units worth RM247.64 million.

According to Malacca Securities, slowing market sentiment in China could affect the local market and profit-taking activities could continue in the near future.

They also explained that although most of the sector indices recorded low movements at this point due to profit taking, they expected buying when cheap prices appeared in the construction, real estate and building materials sectors.

It is due to trade support which is the Kuala Lumpur-Singapore high-speed train project which is implemented alongside the ongoing development in Johor.

Among the heavyweights, TNB rose two sen to RM10.76, IHH Healthcare increased one sen to RM6.15, Petronas Chemicals added three sen to RM6.71, Hong Leong Bank remained unchanged at RM19.20, Maybank and Public Bank each each decreased by one cent to RM9.31 and RM4.40. CIMB fell three sen to RM6.20.

As for active shares, Wentel Engineering rose 1.5 sen to 27.5 sen, Minetech gained half a sen to 14 sen, TWL Holdings was unchanged at four sen and Reneuco slipped one sen to 8.5 sen.

By sector, the Property Index fell 0.89 points to 901.07, the Plantation Index rose 22.22 points to 7,178.43, and the Energy Index rose 1.32 points to 870.99.

The Financial Services Index fell 20.79 points to 16,959.45 and the Industrial Products and Services Index was down 0.01 points to 171.82.