Bursa edges down, mirrors Wall Street's slump
KUALA LUMPUR : Bursa Malaysia opened lower on Thursday, mirroring a weaker Wall Street's performance overnight.
At 9.03am, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 4.99 points, or 0.32%, to 1,539.81 from Wednesday's close of 1,544.80.
The benchmark index had opened 3.34 points easier at 1,541.46.
There were 280 decliners in the broader market and 52 gainers, while 199 counters were unchanged, 1,887 untraded, and seven suspended.
Turnover stood at 116.88 million shares valued at RM52.17 million.
Malacca Securities Sdn Bhd said that the overall local sentiment is expected to trade in a negative tone, tracking Wall Street's performance.
It noted that trading opportunities may be seen in gold-related stocks, given the recent surge in gold prices amid global economic uncertainties.
'Despite the US-China tariff pause, pressure is mounting after the US warned that Huawei's Ascend chips would violate export controls, potentially capping upside for technology stocks.
'Nevertheless, we remain positive on domestic-driven construction stocks,' Malacca Securities said in a research note today.
Among heavyweights, CelcomDigi, Hong Leong Bank and Press Metal were flat at RM3.90, RM20 and RM5.05, respectively, while Maybank eased 4.0 sen to RM9.96, Public Bank shed 6.0 sen to RM4.37, TNB slid 2.0 sen to RM4.08, and CIMB went down 1.0 sen to RM6.99.
In active trade, Velesto, TA Win and SFP Tech were flat at 16.5 sen, 2.0 sen and 22 sen, respectively, while Harvest Capital and Alam Maritim gave up half-a-sen each to 18 sen and 3.0 sen, Perdana Petroleum shaved 1.5 sen to 16.5 sen, JCY International went down 2.0 sen to 33.5 sen and Sarawak Cable slipped half-a-sen to 2.5 sen.
On the index board, the FBM Emas Index dwindled 50.22 points to 11,475.46, the FBMT 100 Index went down 46.94 points to 11,235.83, and the FBM ACE Index dipped 14.68 points to 4,611.37.
The FBM Emas Shariah Index sank 46.51 points to 11,399.14, and the FBM 70 Index lost 109.62 points to 16,236.28.
Across sectors, the Financial Services Index shed 77.94 points to 18,137.93, the Industrial Products and Services Index edged down 0.60 of-a-point to 154.45, the Energy Index was 6.35 points easier at 706.61, while the Plantation Index garnered 10.24 points to 7,340.02.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
22 minutes ago
- Malay Mail
MACC says assets seized from ‘Tan Sri' in highway sukuk scandal now reach RM143m
KUALA LUMPUR, June 4 — The Malaysian Anti-Corruption Commission (MACC) has seized assets linked to the misuse of sukuk funds of the construction of a highway in Klang Valley believed to be owned by a highway concessionaire with a Tan Sri title totalling RM143 million during an operation conducted last week. Its chief commissioner, Tan Sri Azam Baki said the seizures include 14 individual accounts totalling RM4.5 million, eight company accounts totalling RM33 million, luxury condominium and land worth RM24.5 million, nine cars worth RM7.65 million, and 13 cars that have yet to be handed over to the investigation team. Other items seized include luxury watches worth RM25 million, handbags worth RM3 million, jewellery and diamonds (RM6 million), four horses (RM400,000), alcoholic beverages (RM3 million), foreign assets worth more than RM15 million and around RM20 million in gambling activities. 'Preliminary investigations revealed there was misconduct between 2016 and 2020 involving approved sukuk funds of about RM1.35 billion, involving false claims of about RM360 million and RM416 million and RM50 million in other bank facility loans. 'The RM1.67 billion highway project also failed to be completed according to schedule and investigations are focused on bribes worth RM12 million paid to certain parties as inducement in helping the cash flow out and back to the suspect,' he said in a statement last night, adding that the proceeds were also believed to have been used in money laundering activities. He explained that to embezzle the funds, the parties involved were believed to have used professionals such as auditors, financial experts, engineers and shell companies. 'Until now, the MACC has yet to take the Tan Sri's statement as he is in a private hospital ward and today the investigating officer will get confirmation from the doctor on the status of the Tan Sri's health before recording his statement. 'Meanwhile, the number of witness statements stands at 45, and those witnesses who have given their statements have been asked to provide further statements,' he said, adding that the investigating team is also tracking down luxury vehicles and properties belonging to the Tan Sri abroad, including in London and Switzerland. The investigation is focused on the true amount of luxury liquor kept by the Tan Sri and the possibility that funds have been transferred to other accounts, he said. He added that an asset declaration notice has been handed to the Tan Sri and other related parties. — Bernama
The Star
38 minutes ago
- The Star
Investors seek relief on Bursa Malaysia after six losing sessions
KUALA LUMPUR: There was a welcome bounce on Bursa Malaysia as trading commenced on Wednesday, giving investors some respite amid the persistent market weakness. At the opening bell, the FBM KLCI rose 3.85 points to 1,507.1, alleviating the risk of the index falling through the 1,500 psychological support. Having endured six straight sessions of losses, the market's benchmark index is ripe for bargain-hunting. However, the market undertone remains weak with net selling by foreign funds sapping momentum from the market. According to TA Securities Research, investors are wary of committing to the Malaysian stock market as it is beset by a weaker earnings outlook and uncertainties over global tariffs. The research firm noted weaker first-quarter earnings from local corporate and weaker China manufacturing numbers as the culprits behind the dampened investor sentiment, which took the market briefly below 1,500 points in the previous session. "Immediate index support stays at 1,490, while stronger supports can be found at 1,465 and 1,444. Immediate resistance is kept at 1,564 with next upside hurdles seen at the recent high of 1,586, followed by 1,610 ahead," it said in its technical outlook. Blue chips leading the rebound on Wednesday included Nestle up 30 sen to RM78.90, Kuala Lumpur Kepong adding 10 sen to RM19.74 and Hong Leong Financial Group gaining eight sen to RM16.38. Active stocks were KNM down 0.5 sen to three sen, Avangaad unchanged at 28 sen and Sunview flat at 38 sen.
The Star
38 minutes ago
- The Star
Trading ideas: Cypark, CapitaLand, Ta Win, Deleum, Zelan, Ramssol, Edelteq, Oasis, UUE, Taghill, Kawan Renergy
KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia. Cypark Resources Bhd has announced a slew of boardroom changes, including the appointment of former Bursa Malaysia chairman Tan Sri Abdul Wahid Omar as its new chairman and independent non-executive director, effective June 9. Capitaland Malaysia Trust plans to raise up to RM250mn through a private placement of up to 435.4 million new units, mainly to repay bank borrowings. Ta Win Holdings Bhd is disposing of a parcel of industrial land with a single-storey detached factory in Port Klang to Metal Recovery Industries Sdn Bhd for RM44.5mn. Deleum Bhd has completed its USD7mn (RM31.3mn) acquisition of a 70% stake in Indonesia-based PT OSA Industries. Zelan Bhd has been ordered by an arbitral tribunal to pay RM22.4mn plus interest to subcontractor Landasan Kapital (M) Sdn Bhd over a construction contract dispute. Ramssol Group Bhd has partnered with iFLYTEK, a leading Chinese AI company valued at RM58bn, as its authorised distributor and reseller in Asia via the iFLYTEK Open Platform. Edelteq Holdings Bhd is setting up a 50:50 joint venture with Halo Technologies Sdn Bhd to manufacture automated optical inspection machines. Oasis Harvest Corp Bhd is acquiring Metta Food & Lifestyle Sdn Bhd, operator of banquet-themed restaurants 1958 by Chef Wan and Cafe Chef Wan, for RM30.8mn in cash. UUE Holdings Bhd is entering the solar photovoltaic industry via a 60%-owned subsidiary, Enerxite Sdn Bhd, with JV partner Daryl Lai Yit Sheng holding the remaining stake. Taghill Holdings Bhd chief executive officer and executive director Ng Wai Hoe has resigned with immediate effect, citing personal reasons. Kawan Renergy Bhd announced the immediate resignation of its independent non-executive director Dr Chuah Chaw Teo, citing time constraints resulting from personal and corporate commitments.
