BURSA Malaysia continued its downward trend to open lower in morning trading on Tuesday as market participants adopted a “wait and see” attitude ahead of the 15th General Election (GE15), an analyst said.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was down 4.55 points to 1,459.45 from Monday’s close of 1,464.00.
The main index started trading 2.49 points lower at 1,461.51.
In the broader market, losers outnumbered gainers 145 to 102, while 198 counters were unchanged, 1,880 were untraded and 13 others were suspended.
The total turnover was 117.48 million units worth RM41.36 million.
In a note, Hong Leong Investment Bank (HLIB) Research reiterated that the FBM KLCI is expected to maintain its recent gains after moving up from a two-year low of 1,373 ahead of voting day for GE15 on 19 November.
“The fierce resistance is at 1,482 – 1,500 – 1,508. A decisive break below the downtrend resistance line near 1,454 may push the index lower towards the 1,424 -1,436 zone,” he said.
Taking capital preservation as the key, the investment bank said, it continues to support investors to seek protection in the banking, telecommunications, utilities, consumer, healthcare and construction sectors, expecting the new government after GE15 to continue to support domestic consumption.
Among Bursa Malaysia heavyweights — both Maybank and IHH Healthcare fell four sen to RM8.55 and RM5.95, Public Bank weakened one sen to RM4.37, Petronas Chemicals slipped seven sen to RM8.65 and CIMB fell five cents becomes RM5.44.
As for active stocks, MQ Technology dropped half a sen to 3.5 sen, SYF Resources added 1.5 sen to 34.5 sen and Top Glove Corporation added one sen to RM1.03, while Advance Synergy and Velesto Energy were unchanged at 14 sen and 13.5 sen respectively. penny
On the index board, the FBM Emas Shariah Index declined 16.65 points to 10,503.73, the FBM Emas Index shrank 25.58 points to 10,369.59, the FBMT 100 Index weakened by 26.22 points to 10,101.77 and the FBM 70 lost 10.92 points to 12,354.55.
However, FBM ACE gained 13.80 points to 5,023.83.
By sector, the Financial Services Index contracted 53.93 points to 16,234.99, the Plantation Index was lower 1.06 points to 6,901.30, the Industrial Products and Services Index was down 0.15 points to 178.99 and the Energy Index was down 5.50 points to 726.25. – Named
Denial of responsibility! stories.newzcentre.com is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected] . The content will be deleted within 24 hours.