Business

Share prices open lower in early trading

KUALA LUMPUR, Feb 20 – Share prices on Bursa Malaysia opened lower in early trading today on further selling in heavyweights led by DiGi, dealers said.

Twenty minutes after the opening bell, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 4.58 points to 1,610.49 from yesterday’s closing at 1,615.07.

DiGi, which contributed 1.015 points to the benchmark index’s loss, eased four sen to RM4.66.

HwangDBS Vickers Research Sdn Bhd said the local bourse could face persistent pressures ahead despite an overnight rebound on the Wall Street.

“From a technical perspective, the benchmark index may back off from its immediate support level of 1,615. Thereafter, the key market barometer is expected to make its way towards the psychological mark of 1,600,” it said in a research note.

Meanwhile, some of the regional bourses reacted positively to the Wall Street overnight’s rebound, with Japan’s Nikkei 225 garnering 100.86 points to 11,473.20, the Singapore’s Straits Times gained 12.63 points to 3,308.40 while Hong Kong’s Hang Seng lost 238.03 points to 23,143.91.

Back on the local front, the Finance Index declined 23.58 points to 14,766.92, the Industrial Index slipped 6.15 points to 2,772.78 and the Plantation Index dwindled 14.52 points to 7,889.28.

The FBM Emas Index was 23.5 points lower at 10,944.8, the FBMT100 shed 24.32 points to 10,797.72, while the FBM Mid 70 Index added 2.51 points to 11,876.33, but the FBM Ace Index lost 4.78 points to 4,003.26.

Losers led gainers by 103 to 86, with 136 counters unchanged, 1,351 untraded and 17 others suspended.

It was a thin trading with total volume at 156.493 million shares worth RM145.051 million.

Tune Ins Holdings Bhd, which debuted on the Main Market, opened at RM1.38, three sen premium from its offer price of RM1.35 with 9.49 million shares traded.

Twenty minutes later, the company, the first insurance firm to be listed in eight years, saw its counter unchanged at RM1.35, with 41.79 million shares traded.

Besides Tune Ins, the other actives were The Media Shoppe, also unchanged at nine sen, while Patimas and Metronic lost half-a-sen each to eight sen and 9.5 sen, respectively.

For heavyweights, Maybank rose five sen to RM8.89, while Sime Darby shed three sen to RM9.20, Axiata declined two sen to RM6.21 and CIMB lost five sen to RM6.93. – Bernama

 

Comments