Malaysia shares open higher on Wednesday, And Then Slide In Mid- Morning Session

KLSE stocks news Post

Kuala Lumpur: Bursa Malaysia stock prices opened Higher on Wednesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up 5.17 points to 1,779.32. The trading volume of 77.41 million lots worth RM45.95 million. 77.41 million lots worth RM45.95 million.

The topmost KLSE gainer performer including HLFG, up 34 sen to RM19.54 while Hong Leong Bank added six sen to RM20.66. Petronas Dagangan added 20 sen to RM26.28 and Petronas Gas gained six sen to RM18.36.

Gamuda edged up five sen to RM2.43 Sime Plantation rose eight sen to RM5.35 and Sime Plantation rose eight sen to RM5.35 Fund buying of Petronas-linked stocks and Sime Darby underpinned the result in FBM KLCI’s early advance on Wednesday morning.

When the mid-morning session comes, Bursa Malaysia entered a steep decline as investors processed the announcement by Prime Minister that the government is considering new taxes to help pare down its debts.

The FBM KLCI was down 19.22 points to 1,754.93, its lowest level since late July. Trading volume was 1.38 billion shares valued at RM1.04bil. Market breadth was enormously negative, 752 to 138, while 315 counters were unchanged at 12.30pm,

The KLSE loser stock list of the mid-morning session including Axiata and Tenaga were the two top decliners of the morning session, taking nearly eight points off the index between them. Axiata lost 34 sen to RM4.02 while Tenaga dropped 36 sen to RM15.02.

Genting fell 22 sen to RM7.54, Petronas Gas slid 40 sen to RM17.90 and Maxis shaved 13 sen to RM5.54.  Among the KLSE gainer stock of mid-morning session, Public Bank added two sen to RM24.98, Press Metal gained two sen to RM4.92 and KL Kepong rose four sen to RM24.96.

Global Market

Asian markets were mostly weaker on Wednesday as the Chinese market was pulled down by the blue chips amid fears of slowing domestic growth. Meanwhile, Southeast Asia markets were routed with Singapore’s stocks facing a fifth consecutive day of losses while the Philippines touched a 3.5-month low

Commodity Market

WTI crude dropped 33 cents to US$74.63 a barrel while Brent crude fell 21 cents to US$84.79 a barrel.

Currency Market

Forex Signals: The ringgit strengthened 0.1% against the US dollar at 4.1525. However, it fell 0.6% against the pound sterling a 5.4639 and 0.25% against the Singapore dollar at 3.0074.

 

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