Business

Bursa opens with caution as US debt limit jitters persist

FBM KLCI continues slump with 5.78 points down to 1,381.34 from 1,387.12 at yesterday’s close

Updated 3 years ago · Published on 01 Jun 2023 10:21AM

Bursa opens with caution as US debt limit jitters persist
At 9.20am, the FTSE Bursa Malaysia KLCI continues to dip at 1,381.34, down 5.78 points from 1,387.12 at yesterday’s close. – SAIRIEN NAFIS/The Vibes file pic, June 1, 2023

KUALA LUMPUR – Jitters surrounding the United States (US) debt ceiling deal continued to dampen investors’ sentiments this morning. 

At 9.20am, the FTSE Bursa Malaysia KLCI (FBM KLCI) continued its downtrend, falling by 5.78 points to 1,381.34 from 1,387.12 at yesterday’s close. 

The key index opened 3.82 points weaker at 1,383.30. 

The broader market was bearish with decliners thumping advancers 218 to 141, while 255 counters were unchanged, 1,626 untraded and 27 others suspended. 

Turnover amounted to 327.35 million units worth RM158.25 million. 

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the US’ Wall Street declined overnight, as Dow Jones fell by 0.4%, S&P 500 slipped by 0.61% and the Nasdaq 0.63% weaker amidst persistent concern over the US debt situation and consequences. 

Malacca Securities Sdn Bhd said the tightness of the US labour market and stubbornly high recent inflation data might also continue to sap trading interest in the global equities market, including Bursa Malaysia. 

On commodities, it said Brent crude oil tumbled towards US$72, while the crude palm oil price hovered above RM3,200, adding that selling may continue to take place in the related sectors. 

Conversely, it said defensive sectors such as telecommunications and utilities may be in the limelight amidst the ongoing volatile market condition. 

Among the heavyweights, Public Bank and CIMB gained one sen each to RM3.82 and RM4.83, respectively, while Maybank lost four sen to RM8.61, Tenaga Nasional was five sen weaker at RM9.46, Petronas Chemicals dipped 12 sen to RM6.44 and CelcomDigi eased two sen to RM4.45. 

Among the actives, Classita bagged half-a-sen to 12 sen, while Synergy House reduced 5.5 sen to 37.5 sen, Alam Maritim Resources fell half-a-sen to 2.5 sen and Tanco and Radium Development were flat at 51 sen and 38.5 sen respectively. 

On the index board, the FBM Emas Index slid 46.26 points to 10,196.83, the FBMT 100 Index was 45.81 points easier at 9,903.70, the FBM Emas Shariah Index erased 66.26 points to 10,540.25 and the FBM 70 Index fell 80.78 points to 13,576.09, while FBM ACE Index recovered 9.18 points to 4,956.42. 

Sector-wise, the Financial Services Index trimmed 21.21 points to 15,185.53, the Industrial Products and Services Index lost 0.81 of-a-point to 158.30, the Plantation Index was 3.65 points lower at 6,597.43, and the Energy Index shed 7.63 points to 801.81. – Bernama, June 1, 2023

Related News

Business / 4mth

Tycoon Vincent Tan trims BCorp stake further in RM115m share sale

Business / 2y

Bursa opens slightly lower amid heightened Wall St volatility

Business / 2y

Bursa Malaysia opens lower on lack of fresh leads

Business / 2y

Bursa Malaysia lower in early trade amid Middle East conflict

Business / 3y

Bursa Malaysia in negative territory at mid-morning

Business / 3y

Bursa rebounds from yesterday’s losses to open slightly higher

Spotlight

Malaysia

Haze: Schools in Johor, Melaka, and Negeri Sembilan to close tomorrow

Malaysia

Tun Mahathir’s health improves, but not ready to leave hospital

Malaysia

LPT3 row puts Kelantan’s infrastructure priorities under scrutiny

Malaysia

Terengganu royal family member sues two banks over RM1.99m missing from savings

Malaysia

Irene Sofiya murder probe referred to Johor prosecutors for review

Malaysia

Teacher denies negligence charges over fatal school SUV crash in Kota Bharu

Malaysia

Sulaiman Md Ali opts out of Melaka polls, will not defend Lendu

You may be interested

Business

Oil prices retreat below US$104 as markets weigh Middle East risks

Business

Oil prices stay above US$93 as Middle East tensions put pressure on ringgit

Business

SC targets stronger board oversight through higher standards for company secretaries