Bursa Malaysia opened lower tracking Asian and global market. Profit booking witnessed in selected heavyweights of financial services sector followed by stocks in construction space.
Most of the Asian stocks were down in early trade over renewed concern on the ongoing US-China trade negotiations after reports which said,
The benchmark FBM KLCI was 14.53 points weaker at 1,687.59 vs. the previous close of 1,702.12.
Among top active, Bumi Armada rose to 22.0 sen, Sapura Energy up at 0.280 while Panpages fell to 0.255 and Bina Puri down at 0.260.
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Sapura Energy Bhd’s rights issue under subscribe and stood at a rate of 18.51% after its share price fell below its rights issue price of 30 sen. Sapura Energy said in a statement that it received 8.14 billion of valid acceptances and excess applications for its rights shares with warrants, representing a subscription rate of 81.5%.
Mesiniaga Bhd shares continue its rise. Mesiniaga shares rose today after the group said on Friday it accepted a letter of award for an RM1.9 billion contract from Xiddig Cellular Communications Sdn Bhd.
DRB-Hicom Bhd shares decline to RM1.68 after the group said its subsidiary Proton Automobiles (China) Ltd received a civil complaint from Goldstar Heavy Industrial Co Ltd.
US Stocks fell on the first trading day of the week after holiday concerns of China and lower global growth estimates from the International Monetary Fund again spread fears of a slowdown.
The Dow Jones Industrial Average lost 301.87 points to 24,404.48, led by losses in Goldman Sachs and Caterpillar. The S&P 500 pulled back 1.4 percent to 2,632.90 as the communications services and industrials sectors lagged. The Nasdaq declined 1.9 percent to close at 7,020.36. The major indexes also closed lower for the first time in five sessions. U.S. markets were closed on Monday due to the Martin Luther King Jr. Day holiday.
The Chinese economy grew by 6.6 percent last year, as per analyst estimate but at a slower pace in last 28 years.
Forex Signals: The ringgit opens lower against the US dollar. The ringgit traded at 4.1340 vs. previous close 4.1300.
Gold Price: As written in yesterdays morning’s report Gold took support from $1276 and bounce back and trade higher above $1280 mark. Yesterday Gold made high of $1285.41. Today in early trade Gold trading near the same level. If Gold able to hold above $1287 then more upside possible.
Gold Range: $1279-$1288.