KUALA LUMPUR: The FBM KLCI opened lower on Monday as sentiment was mostly weighed down by the negative cues from global markets.
The 30-stock index fell 5.31 points, or 0.37% to 1,419.67 at 9.12am. The index opened 1.15 points lower at 1,423.83.
Gainers edged losers by 406 to 77, while 224 counters traded unchanged. Volume was 296.07 million shares valued at RM122mil.
Rakuten Trade reckoned the index to stage a rebound anytime soon hence expect it to trend within the 1,420-1,435 range today.
“Bargain hunting may emerge on technology and telco-related stocks following last Friday’s sell-down. Nonetheless, oil & gas counters may see some selling pressure as crude oil prices decline with the Brent crude dipped to US$86 per barrel on global recession concerns,” it said.
Apex Securities said after Friday’s plunged, the FBM KLCI breached the downtrend channel after it breached the support of 1451 points at 50.0% Fibonacci level.
“Following the current momentum, the index could continue to trend lower and take a breather above the support of 1,408,” it added.
On Friday, the Dow Jones Industrial Average tumbled 486.27 points, or 1.62%, to 29,590.41. The S&P 500 slid 1.72% to 3,693.23, while the Nasdaq Composite dropped 1.8% to 10,867.93.
Among the losers on Bursa Malaysia, Malaysian Pacific Industries
lost 50 sen to RM28.40, Kuala Lumpur Kepong eased 24 sen to RM21.40 and Kotra Industries fell 20 sen to RM4.30.
Computer Forms added 11 sen to RM1.47, PPB gained 10 sen to RM15.82, LPI rose 10 sen to RM13 and DKSH climbed eight sen to RM4.78.
