KUALA LUMPUR: Bursa Malaysia started Monday on a cautious note, following the key Asian markets ahead of the resumption of trade in China bourses after the week-long holiday.
At 9.06am, the FBM KLCI was down 6.25 points or 0.35% to 1,770.90. Turnover was 146.19 million shares valued at RM75.11mil. There were 70 gainers, 189 losers and 155 counters unchanged.
Reuters reported shares in Asia stumbled in early trade on Monday as investors waited with bated breath as China's markets prepare to reopen following a week-long holiday and after its central bank cut banks' reserve requirements in a bid to support growth.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3%, after major stock markets around the world fell for a second straight day on Friday.
At Bursa, Gamuda was the top loser, sliding 71 sen to RM2.50 and its warrants, Gamuda-WE down 8.5 sen to 35 sen.
The fall in Gamuda was after the government terminated MRT 2’s underground scope, which CIMB Research said was a negative surprise.
“Huge order book impact if Gamuda fails in the soon-to-be-held international tender,” it said.
Hartalega
lost 13 sen to RM6.25 and Supermax 10 sen to RM2.96 after analysts viewed the stocks were over valued.
Press Metal fell 12 sen to RM4.96, MMC Corp 12 sen to RM1.23, Petronas Chemical also 12 sen lower at RM9.27. Maxis lost eight sen to RM5.61.
IHH Healthcare rose 10 sen to RM5.20 while Willowglen’s recent contract saw it climbing four sen to 60.5 sen.
On the technical outlook for the KLCI, Kenanga Investment Research said chart-wise, the index has broken below its 50-day SMA, which "we believe may signal some short-term downward pressure".
Nevertheless, the research hoouse expects the index to hold at support levels 1,780 (S1) and 1,760 (S2), close to its 100-day SMA, which has proven to be a fairly resilient support level.
Should the sentiment improve, Kenanga Research expects to see the index challenging resistances at 1,825 (R1) and 1,865 (R2).
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