Bursa slides at open, echoing Wall Street's woes on US economic outlook
At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 8.29 points, or 0.54 per cent, to 1,525.06 from last Friday's close of 1,533.35.
The benchmark index had opened 3.07 points lower at 1,530.28.
Market breadth was negative, with decliners outpacing gainers 304 to 98. A total of 272 counters were unchanged, 1,816 untraded, and 11 suspended.
Turnover stood at 150.27 million units worth RM91.62 million.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said Wall Street closed broadly lower last Friday as fears of a weakening US economy and the effects of Trump's tariff war heightened.
He noted that the US July job data came in lower than expected with a sharp downward revision for June and May figures, illustrating a dismal job market, hence the US 10-year yield slipped to 4.22 per cent.
'The FBM KLCI rebounded with vengeance to above the 1,530 mark following a revised lower US tariff on Malaysia, with both semiconductor and pharmaceutical products being exempted. Given the prevailing uncertainty, we expect the index to hover within the 1,525-1,535 range today,' he told Bernama.
Among the heavyweights, Maybank and Public Bank lost four sen each to RM9.56 and RM4.25, Tenaga Nasional fell eight sen to RM13.22, CIMB dipped five sen to RM6.74, while IHH Healthcare was flat at RM6.68.
On the actively traded list, Magma reduced five sen to 36.5 sen, Top Glove shed two sen to 65.5 sen, while Hubline and TWL both gained half a sen to 4.5 sen and three sen, respectively. Pharmaniaga remained unchanged at 17 sen.
Top gainers included Dutch Lady Milk Industries, which gained 20 sen to RM27.50, Perrusahaan Sadur Timah Malaysia garnered 11 sen to RM1.90, and Malaysian Genomics Resource Centre added four sen to 24 sen.
Among the top losers, Nestle declined 50 sen to RM87.30, Malaysian Pacific Industries slipped 44 sen to RM19.90, and Fraser and Neave dropped 40 sen to RM28.22.
On the broader market, the FBM Emas Index weakened 70.20 points to 11,455.13, the FBMT 100 Index decreased 67.86 points to 11,217.77, and the FBM Emas Shariah Index notched down 69.08 points to 11,471.68.
The FBM 70 Index sank 130.34 points to 16,583.53, and the FBM ACE Index went down 11.83 points to 4,612.54.
By sector, the Financial Services Index narrowed 100.87 points to 17,379.33, the Industrial Products and Services Index inched down 0.97 of a point to 158.17, the Plantation Index trimmed 10.37 points to 7,360.60, and the Energy Index eased 3.07 points to 746.53. — Bernama
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