KUALA LUMPUR, May 4 — Bursa Malaysia started its trading in May sharply lower in tandem with Wall Street’s weak performance last Friday.
At 9.07am, key index FTSE Bursa Malaysia KLCI (FBM KLCI) fell 29.35 points or 2.09 per cent to 1,378.43 from Friday’s close of 1,407.78.
Market breadth was negative as losers thumped gainers 486 to 75, while 202 counters were unchanged, 1,106 untraded and 17 others suspended.
Turnover stood at 419.38 million shares worth RM181.48 million.
Market sentiment was affected with the resumption of the US-China trade war, as US President Donald Trump renewed his rhetoric on China last week, accusing Beijing of doing little to stop the spread of COVID-19 and threatening more tariffs on its export to the US.
AxiTrade global chief market strategist Stephen Innes said the resumption of the trade war will be detrimental to oil prices over the long term.
“Still, with demand devastation plumbing the depths, any signs of rebalancing either through economic reopening’s or additional forced or agreed upon supply cuts, should ultimately be viewed supportive for oil prices at current levels.
“But with investor sentiment wobbling out of the gates today as risk rises in the east, oil traders will likely be tentative to build up that bullish muster in exceptionally low liquidity to challenge the bears this morning. although oil fundamentals are on firmer ground,” he said in a note today.
Brent, declined 2.72 per cent to US$25.72 per barrel.
Back home, Bursa Malaysia’s heavyweight counters, Maybank lost 20 sen to RM7.37, TNB weakened 12 sen to RM12.12, Public Bank trimmed 30 sen to RM16.08, IHH Healthcare shaved off 14 sen to RM5.11, Petronas Chemicals went down 16 sen to RM5.44 while Maxis eased eight to RM5.40.
As for the actives, Key Alliance, Hibiscus Petroleum and Ekovest all edged down half-a-sen to nine sen, 48.5 sen and 48.5 sen respectively, while Sapura Energy, Hubline and Xidelang were flat at 8.5 sen, 5.0 sen and 6.5 sen.
On the index board, the FBM Emas Index shrank 174.7 points to 9,633.88, the FBMT 100 Index decreased 172.71 points to 9,504.5, the FBM Emas Shariah Index reduced 190.71 points to 10,699.43, the FBM ACE depreciated 74.62 points to 4,720.48 while the FBM 70 was 88.03 points lower to 11,572.2.
Sector-wise, the Financial Services Index fell 232.67 points to 12,240.24, the Industrial Products and Services Index inched down 2.42 points to at 118.02 while Plantation Index gave up 142.93 points to 6,218.09. — Bernama