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Malaysian stock market drops as Asia shares retreat

Malaysian stock market

The FTSE Bursa Malaysia declined 1.93 points to 1,398.42 after opening at 1,505.48

The Malaysian market slipped in early trade as it continued to track other Asia’s shares that took a retreat over the course of the morning session.

The benchmark FTSE Bursa Malaysia KLCI slipped 1.93 points to 1,398.42 after opening 5.2 points higher at 1,505.48.

Losers overtook gainers 526 to 260, while 422 counters were unchanged, 942 untraded and 79 others suspended.

Total volume stood at 1.78 billion units worth $0.32 billion (RM1.35 billion).

The Utilities Index took the most losses as it declined 1.28 per cent, while other indices declined marginally.

The dip in utilities was contributed by Tenaga Nasional as it declined four sen to $2.37 (RM9.85).

According to Bloomberg, US equity futures fell the most, contributing to the dip in the Asian stock market, as concerns about the impact of worsening pandemic on economic activities in some parts of the world, as well as volatility of the US presidential elections outcome, took hold.

This has led to falling share prices in Japan, Hong Kong, South Korea, and Australia.

On the heavyweights, Hartalega reduced 28 sen to $4.33 (RM18.00), and IHH and MISC down seven sen each to $1.22 (RM5.08) and $1.62 (RM6.72), respectively.

On the index board, the FBM Emas Index shed 15.52 points to 10,825.65, the FBMT 100 Index was 13.63 points lower at 10,662.48 and the FBM Emas Shariah Index declined 17.15 points to 13,018.34.

The FBM 70, meanwhile, slipped 17.95 points to 14,315.89 and the FBM ACE was 113.85 points stronger at 10,149.18.

The Financial Services Index inched down 10.55 points to 12,302.37, the Industrial Products and Services Index was 0.08 of-a-point higher at 144.82, and the Plantation Index declined 19.34 points to 6,922.23.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Precise Investors. The information provided on Precise Investors is intended for informational purposes only. Precise Investors is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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