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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Malaysia’s currency weakened in offshore trading. Ringgit one-month non-deliverable forward fell 1.7 pct to 4.0461.

Malaysia: Malaysia’s currency weakened in offshore trading after the opposition claimed victory in Wednesday’s general election.

The ringgit one-month non-deliverable forward fell 1.7 pct to 4.0461 against the dollar, after the Southeast Asia nation’s long-serving former premier, Tun Dr Mahathir Mohamed, 92, claimed that the opposition alliance he leads had won enough parliament seats to form the next government.

Official results showed that, Mahathir’s Pakatan Harapan (Alliance of Hope) had won 122 of parliament’s 222 seats and Prime Minister Datuk Seri Najib Razak’s ruling coalition, Barisan Nasional (BN), had won 79.

A simple majority of 112 seats is required by a party or alliance to rule.

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Bursa Malaysia had one-day gain. Out of this 1.32 billion shares, valued at RM2.60 billion, from 1.06 billion shares, valued at RM1.93 billion

Malaysia: FTSE Bursa Malaysia KLCI (FBM KLCI) ended in the positive territory on Tuesday with the largest growth in a month as investors increased their bets for a possible major rally once Barisan Nasional returns to power.

The key benchmark index increased 18.31 points or one per cent to end yesterday at 1,846.51, from Monday's close of 1,828.20. The last time Bursa Malaysia had one-day gain above one per cent was on April 5, 2018.

Analysts said investors were speculating on the election result in which a rally before polling day would indicate their confidence that the sitting government would return to power.

Rakuten Trade head of research Kenny Yee said investors bought on Blue Chips weakness which had been sold down over the past month.

"Overall, market was positive possibly due to inflows of foreign funds," he added.

Among FBMKLCI component stocks, Astro Malaysia Holdings Bhd made the highest gain of 3.98 per cent yesterday, followed by RHB Bank Bhd with 3.54 per cent gain and Axiata Group Bhd with 3.52 per cent gain.

Market breadth was positive with gainers outpacing losers 677 to 281, with 405 counters unchanged, 498 counters untraded and 15 others suspended.

Volume stood at 2.35 billion units valued at RM2.80 billion.

Main Market volume rose to 1.32 billion shares, valued at RM2.60 billion, from 1.06 billion shares, valued at RM1.93 billion, on Monday.

The market will be closed tomorrow as it has been declared a public holiday for the 14th general elections.

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Ringgit traded higher against major currencies. Now, because greenback garnered demand of strong US economic data Results ringgit was quoted at 3.9430/9460.

Malaysia: The ringgit slid against the US dollar today as the greenback garnered demand on the back of strong US economic data.

At 6pm, the ringgit was quoted at 3.9430/9460, down from Friday's 3.9390/9420.

However, the ringgit traded higher against a basket of other major currencies.

It rose against the Singapore dollar to 2.9502/9538 from 2.9523/9548 on Friday, and strengthened against the Japanese yen to 3.6082/6112 from 3.6095/6132.

The local note improved against the euro to 4.7032/7072 from 4.7103/7154, and appreciated against the British pound to 5.3345/3389 from 5.3389/3446 previously. 

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Ringgit traded mostly lower against major currencies. Now, because amidst rising oil prices the local unit was quoted at 3.9370/9420.

Malaysia: The ringgit opened slightly higher against the US dollar today amidst rising oil prices.

As of 9am, the local unit was quoted at 3.9370/9420 against the US dollar from 3.9390/9420 last Friday.

Meanwhile, the ringgit traded mostly lower against a basket of other major currencies.

It fell against the Singapore dollar to 2.9537/9583 from 2.9523/9548 on Friday, declined against the yen to 3.6136/6192 from 3.6095/6132, and sank against the euro to 4.7114/7186 from 4.7103/7154.

However, the local note rose against the British pound to 5.3327/3398 from 5.3389/3446 on Friday.

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Malaysian Traders were cautious over the ringgit on market optimism has reached, the local unit was quoted at 3.9350/9390.

Malaysia: The ringgit opened slightly lower against the US dollar today due to better demand for the greenback.

As at 9.14 am, the local unit was quoted at 3.9350/9390 against the US dollar from 3.9310/9350 recorded at close yesterday.

A dealer said some traders were cautious over the ringgit on market optimism that the US Federal Reserve would raise interest rates in June.

Meanwhile, the ringgit traded mostly lower against a basket of major currencies, except against the British pound, where it rose to 5.3410/3484 from 5.3462/3528.

It fell against the Singapore dollar to 2.9553/9594 from 2.9536/9578 yesterday, declined against the yen to 3.6045/6088 from 3.5886/5930 and was lower against the euro at 4.7145/7209 from 4.7133/7189.

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