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Monday, 14 May 2018

Bursa Malaysia on knee-jerk reaction local stock market as it created uncertainty. Among heavyweights Maybank lost; Public Bank eased; Tenaga fell; CIMB slumped; Petronas Chemicals went up.

Malaysia: Bursa Malaysia opened sharply lower today on knee-jerk reaction following a surprise win by Pakatan Harapan (PH) in the 14th General Election (GE14).
At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was down 31.72 points at 1,814.79 from Tuesday's close of 1,846.51.
The index opened 32.06 points lower at 1,814.45.
A dealer said the unexpected defeat of the ruling Barisan Nasional coalition at the hands of PH in the just concluded GE14 on Wednesday last week was a negative surprise for the local stock market as it created uncertainty.
“Hence, a sharp correction is likely today,” he said.
He added that the immediate support was spotted at 1,811 and immediate resistance at 1,865.
Among heavyweights, Maybank lost 14 sen to RM10.56, Public Bank eased two sen to RM23.86, Tenaga fell 46 sen to RM15.60 and CIMB slumped 64 sen to RM6.26.
Petronas Chemicals went up one sen to RM8.43.
For actives, Sapura Energy added nine sen to 76 sen, Eden Inc gained 14 sen to 31 sen, Opcom perked 30 sen to 90.5 sen and Berjaya Corporation went up 5.5 sen to 36 sen.
Cuscapi lost 14.5 sen to 21 sen.
The FBM Emas Index fell 319.27 points to 12,566.44, the FBMT 100 Index declined 317.78 points to 12,380.66, the FBM Emas Shariah Index shed 359.04 points to 12,716.32, the FBM Ace slid 138.47 points to 5,073.86 and the FBM 70 lost 391.68 points to 14,911.58.
Sector-wise, the Industrial Index slipped 26.05 points to 3,170.5, the Finance Index was 383.24 points lower at 17,707.35 and the Plantation Index lost 80.75 points to 7,768.97.
On the broader market, losers led gainers 292 to 206, while 140 counters were unchanged, 1,241 untraded and 29 others suspended.
Volume stood at 314.78 million units valued at RM306.7 million.

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