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Monday, 5 February 2018

Wall Street ended its worst week in two years on Friday! Among heavyweights amid an acceleration of last week’s bond sell-off.

Malaysia: Bursa Malaysia opened lower today in the aftermath of stocks tumbling on Wall Street last Friday and amid an acceleration of last week’s bond sell-off.
At 9.18 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,848.23, down 22.25 points from Friday’s close at 1,870.48.
Losers led gainers 731 to 43, while 169 counters were unchanged, 889 untraded and 19 others suspended.
Turnover stood at 588.76 million shares worth RM287.55 million.
Wall Street ended its worst week in two years on Friday, amid the fear of an interest rate increase.
Public Investment Bank Bhd said strong US wage growth data had heightened investor speculation that the US Federal Reserve would raise interest rates more aggressively than had been expected.
Meanwhile, Kenanga Investment Bank Bhd anticipated a healthy pullback today, following the sell-off in the US before an eventual move towards the resistance level of 1,888 and 1,900, a level near the all-time high recorded in July 2014.
Dealers are also expecting Bursa Malaysia to consolidate this week as investors price in the probability of a US interest rate increase from the Federal Open Market Committee meeting scheduled for March.
Among heavyweights, Maybank lost 10 sen to RM10.00, Tenaga fell eight sen to RM15.72 and Public Bank shed two sen to RM21.98.
Of the actives, Nexgram was flat at 3.5 sen, UMWog eased one sen to 32.5 sen and Sapura Energy fell 2.5 sen to 7.10.
The FBM Emas Index contracted 162.02 points to 13,214.56, the FBMT 100 Index lost 151.92 points to 12,919.80, with the FBM 70 decreasing 273.13 points to 16,195.05.
The FBM Emas Shariah Index declined 180.32 points to 13,471.50, while the FBM Ace went down 123.66 points to 6,372.47.
Sector-wise, the Finance Index shrank 207.46 points to 17,772.12, but the Plantation Index eased 67.08 points to 7,989.32 and the Industrial Index dipped 51.36 points to 3,336.05.
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