Malaysian Stock Market Opens 0.4 Pct Lower On Bearish Market Sentiment

KUALA LUMPUR, Dec 24 (Bernama) – The Malaysian stock market (Bursa Malaysia) opened lower on Monday after the fragile mood across global markets at the end of last week extended to the first trading day of this week. Market sentiment was dominated by worries that the Federal Reserve would continue raising interest rates and running down its balance sheet despite mounting concerns about slowing global growth. At 9.05 am, the key FTSE Bursa Malaysia KLCI (FBM KLCI) lost 6.8 points to 1,663.48 from Friday's close of 1,670.28. The index opened 0.29 point lower at 1,669.99. Kenanga Investment Bank Bhd said in a note that stocks in Asia fell last Friday, taking the lead from Wall Street’s overnight losses, with investors concerned about global economic prospects. “Bucking the trend, the FBMKLCI posted a rebound, gaining 19.72 points to close at 1,670.28, but despite the gain, the overall technical outlook remains bearish,” it said. On the broader market on Bursa Malaysia, there were 116 losers and 67 gainers, with 101 counters unchanged, 1,604 untraded and 25 others suspended. Volume stood at 64.69 million units valued at RM22.64 million. Among heavyweights, Maybank eased five sen to RM9.24, Public Bank lost 12 sen to RM24.56, Tenaga lost 24 sen to RM13.24 but PChem added four sen to RM9.24. Among actives, Hubline and SapNRG were both flat at four sen and 30 sen respectively, Armada and NovaMSC declined half-a-sen each to 15.5 sen and 10 sen while MyEG added 1.5 sen to 84 sen. The FBM Emas Index decreased 38.98 points to 11,332.13, the FBMT 100 Index fell 40.77 points to 11,248.25, the FBM Emas Shariah Index lost 38.13 points to 11,280.54, the FBM Ace Index was 5.09 points lower at 4,253.52 and the FBM 70 shed 24.40 points to 12,801.98. Sector-wise, the Industrial Products and Services Index was 0.27 point better at 165.74, the Financial Services Index dropped 47.57 points to 17,095.96 and the Plantation Index reduced 32.99 points to 6,777.27. The local bourse and its subsidiaries will be closed tomorrow for Christmas. -- BERNAMA