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Bursa sees higher selling pressure today, says analyst

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However, the Sime Darby-UMW and KLK-Boustead Plantations deals could limit the downside risk in the stock market.

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Free Malaysia Today

KUALA LUMPUR:
Bursa Malaysia opened lower in tandem with Wall Street’s weaker performance overnight, which may increase selling pressure on the local front, said Malacca Securities Sdn Bhd.

The brokerage noted that traders are also waiting for US Federal Reserve chair Jerome Powell’s speech at the Jackson Hole Symposium tonight as it may provide clues for future monetary policies, which may affect the trading environment.

“Meanwhile, the Sime Darby-UMW and KLK-Boustead Plantations deals could limit the downside risk in the stock market.

“At the same time, given Malayan Cement’s stellar results, we believe there might be more upside on the building material segment,” it said in a note today.

At 9.30am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 5.95 points to 1,438.72 from 1,444.67 at Thursday’s close, after opening 0.46 points weaker at 1,444.21.

On the broader market, decliners outpaced gainers 336 to 185, while 301 counters were unchanged, 1,552 untraded and 23 others suspended.

Turnover stood at 599.5 million units worth RM425.29 million.

Among the heavyweights, Petronas Chemicals added 1 sen to RM4.86 and Maxis rose 3 sen to RM4.13, while Petronas Chemicals was flat at RM6.85, Maybank fell 3 sen to RM8.98, Public Bank slipped 1 sen to RM4.07, CIMB declined 2 sen to RM5.56 and TNB lost 10 sen to RM9.90.

Of the actives, Boustead Plantations jumped 12 sen to RM1.49, YTL Power surged 16 sen to RM1.91 and Eco World expanded by 5.5 sen to 69.5 sen, while Velesto was flat at 24 sen, RGB International fell 1 sen to 36.5 sen and CN Asia inched down 0.5 sen to 22.5 sen.

On the index board, the FBM Emas Index narrowed 34.64 points to 10,633.94, the FBMT 100 Index went down 31.19 points to 10,315.9, the FBM Emas Shariah Index discounted 50.43 points to 10,861.32, the FBM 70 Index was 11.23 points easier at 14,145.5, and the FBM ACE Index gave up 39.64 points to 5,275.14.

Sector-wise, the energy index was down by 3.11 points to 820.61, the industrial products and services index edged down 0.14 of-a-point to 168.7, the financial services index slid by 45.75 points to 16,141.19, and the plantation index dipped by 80.69 points to 6,917.63.

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