Bursa Malaysia Opens Mixed

KUALA LUMPUR 27 FEBRUARI 2020. Pasaran saham Bursa Malaysia Indeks di Ibupejabat Bank RHB di Jalan Tun Razak, Kuala Lumpur. NSTP/HAIRUL ANUAR RAHIM

Bursa Malaysia opened mixed with FBM KLCI largely unchanged from yesterday’s closing level.

At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.49 points to 1,444.0 from Wednesday’s closing of 1,442.51. 

The benchmark index opened 0.52 of a-point higher at 1,443.03.

However, on the broader market, decliners beat gainers 154 to 84, while 222 counters were unchanged, 1,914 untraded and 17 suspended.

Turnover stood at 159.91 million units worth RM55.98 million.

Tradeview Capital fund manager Neoh Jia Man said the lackluster performance of the U.S. market overnight due to disappointing earnings reports from tech giants, will likely remain an overhang on the trading sentiment today.

“Looking ahead, we believe investors will closely monitor a series of U.S. economic indicators scheduled for release later tonight, as well as the forthcoming earnings reports from Intel and Amazon,” he told Business Times. 

On the global front, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said Wall Street sentiment was impacted by disappointing earnings from Alphabet amid increasing US yields, however regional markets, including Malaysia’s, were uplifted after China unveiled massive infrastructure spending in a bid to boost the country’s stuttering economy.

He said the FBM KLCI rebounded yesterday from broad based bargain hunting activities partly also due to stronger regional performances. “Nonetheless, we believe sentiment to remain cautious as we head towards heightening volatility environments mainly from the US thus expect the index to stay disciplined and hover within the 1,440-1,450 range today.

“Yesterday’s decline amongst the construction players may present some buying opportunities today,” he added.