Bursa Malaysia Withered Slightly, Opened Lower Again

<p>&nbsp;Today, Bursa Malaysia ended this morning's trading session sharply lower. The overall selling pressure is amid an unstable market situation and shows negative sentiment.</p><p><br /></p><p>At exactly 12.30 this afternoon, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 11.16 points to 1,480.05 compared to yesterday's 1,491.21.</p><p><br /></p><p>The barometer index opened 2.72 points lower to 1,488.49 and hovered around 1,479.77 to 1,492.53 throughout this morning's session.</p><p><br /></p><p>The overall market sentiment was negative where losers outnumbered gainers by 906 to 156. Meanwhile, 316 more counters were unchanged, 874 counters were not traded and 16 more were suspended.</p><p><br /></p><p>Total trading revenue amounted to 3.74 billion units worth RM1.75 billion.</p><p><br /></p><p><br /></p><p>According to Malacca Securities Sdn Bhd in its statement today said market sentiment remains negative with margin calls activated on several counters after reaching the downside conditions.</p><p><br /></p><p>He said again, they believe that negative sentiment can continue in a company whose fundamentals are weak. However, the activity of buying cheap shares in the company is still strong.</p><p><br /></p><p>Meanwhile, Asian stocks mostly moved higher and pared their losses in the early opening session. Wall Street's performance was weak overnight amid uncertainty in the market over expected interest rate cuts in the United States.</p><p><br /></p><p>However, shares in China retreated after strong US retail sales data and increased expectations of the interest rate cut.</p><p><br /></p><p>In local heavyweights, Malayan Banking Bhd (Maybank) fell seven sen to RM8.98, Public Bank Bhd fell five sen to RM4.30, CIMB Group Holdings Bhd fell 10 sen to RM5.93, Tenaga Nasional Bhd (TNB) fell 12 sen to RM10.32 and Petronas Chemicals Group Bhd rose five sen to RM6.81.</p><p><br /></p><p>In terms of sectors, the Financial Services Index fell 127.82 points to 16,507.31, the Property Index fell 14.10 points to 874.26, the Plantation Index fell 19.18 points to 7,153.39, the Industrial Products and Services Index fell 0.99 points to 172.37 and the Energy Index fell 10.12 points to 839.81.</p>