KUALA LUMPUR: The Malaysian stock market kicked off trading on Monday, the first trading day for August, on a cautious note after the surge last Friday.
At 9.26am, the FBM KLCI was down 4.83 points or 0.28% to 1,718.31. Turnover was 143.27 million shares valued at RM78.80mil. There were 170 gainers, 160 losers and 180 counters unchanged.
JF Apex Research said after the 23.22-point surge to 1,723.14 last Friday, it expects profit taking to kick in and the index could consolidate below its resistance of 1,740.
BIMB Securities Research said foreign funds were net sellers in the week ended July 31 at –RM845mil but the decline was offset by the surprising net buying of RM132.2mil last Friday.
Reuters reported Asian shares took cues from a lower Wall Street and dipped early on Monday, while the US dollar was on the defensive against the euro and yen following disappointing US wage growth data that dented prospects for an early interest rate hike by the Federal Reserve.
The markets will look to the revised July Caixin China manufacturing activity index due at 0145 GMT for further incentive. The preliminary purchasing manager's index (PMI) reading had shown that China's factory sector contracted by the most in 15 months, it said.
At Bursa Malaysia, BAT fell RM1 to RM66.50 in thin trade, Petronas Gas was down 34 sen to RM21.74 and Petronas Dagangan fell 14 sen to RM20.94.
Among the banks, RHB Capital and Hong Leong Bank fell eight sen each to RM7.35 and RM13.50.
Genting Plantations lost 12 sen to RM10.28 while construction-property based IJM and MAHB fell seven sen each to RM6.73 and RM5.86.
HL Industries jumped 38 sen to RM5.66 in thin trade while SAM Engineering continued its advance to added 21 sen to RM5.40. Top Glove was up nine sen to RM7.71.
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