RHB Research said this unprecedented election result has caught most investors off guard, although retail investors appear to have read the tea leaves well.
KUALA LUMPUR: Rising tensions between the US and other major countries especially China continued to weigh on equities markets, with key Asian markets including Bursa Malaysia following Wall Street lower.
At 9.12am, the FBM KLCI was down 2.19 points or 0.13% to 2,675.91. Turnover was 228.54 million shares valued at RM73.89mil. There were 87 gainers, 233 losers and 147 counters unchanged.
Reuters reported global stocks extended a sell-off as mounting trade tensions between the US and other major economies continued to steer investors away from riskier assets, lifting safe-haven US Treasuries and keeping the dollar on the defensive, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.1%. Japan's Nikkei lost 0.8%, South Korea's Kospi fell 0.55% and Australian stocks dropped 0.6%.
On the outlook for the KLCI, CIMB Equities Research said the index’s “down leg” from the 2018 peak of 1,896 should be ending over the next few weeks.
“We see a five-wave down leg from the January high and the fifth wave down leg should be completed over the next few weeks, to be followed by a more sustainable one-to-three month rebound. The key support is at 1,630-1,650. However, the KLCI remains in a long-term downtrend,” it said.
Hong Leong Bank fell the most, down 24 sen to RM17.88 with 200 shares done while RHB Bank lost nine sen to RM5.44 but Public Bank gained 12 sen to RM22.84.
PPB Group lost 18 sen to RM19.46, Hap Seng and UMW nine sen each to RM9.68 and RM6.17 while Genting Malaysia lost seven sen to RM4.81.
Padini lost eight sen to RM5.52, Vitrox six sen lower at RM5.60 and NTPM was down 5.5 sen to 53 sen.
KL Kepong rose 40 sen to RM24.38 with 100 shares done, BAT 36 sen higher at RM34.46, Petronas Gas 26 sen to RM17.40 while Aeon Credit
and Scientex advanced eight sen to RM13.88 and RM7.26 while Westports was up six sen to RM3.46.
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