Pressure on Bursa Malaysia continued

Bursa Malaysia. (Bernama pic)

KUALA LUMPUR: Bursa Malaysia is expected to continue lowering prices on the back of domestic prices with external factors, M & A Securities said.

"We currently see that the level of the composite index remains at 1700 levels, but it may drop to 1,680. If there are no other negative news then the pressure will continue to be on the stock market," said Bernamas, Chief Commercial Officer of M & A Securities R. Sundararajah.

He said the market is not responding positively to the 2019 budget, which was presented last week, as investors saw it as missing market catalysts.

"The fact that Moody's rating downgrades Petronas further diminished sentiment, and foreign buyers were surprised by this announcement, and we talked that if they want to participate in the cash market, we have to look at the bargains," he told Bernam.

At the base from Friday to Friday, the FBM KLCI benchmark settled 4.78 points down to 1,708.09.

FBM Emas Index declined by 11.39 points to 11,846.26, FBMT100 fell by 8.48 points to 11,688.13, but FBM Emas Shariah Index improved by 121.47 points to 12.11.69.

FBM 70 added 110.29 points to 13,845.99, while the FBM ace was 87.95 points easier at 4,932.60.

The financial index fell by 74.90 points to 17,199.10 on a sectoral basis, the plantation index was by 27.09 points easier on 7,362.73, the Industrial Products and Services Index by 0.18 points to 173.30.

Compared to Friday week, weekly turnover fell to 6.26 billion units worth RME 6.59 billion from 9.63 billion units worth 8.15 billion RM.

The main market volume fell to 4.09 billion shares worth 6.6 billion shares, worth 6.64 billion shares, which was registered in the past Friday worth 7.47 billion USD.

The volume of warrants decreased to 1.07 billion units worth RMB 263.87 million from 1.72 billion units of RM414.93 million.

ACE's market share dropped to 917.68 million RM205.37 million from 1.55 billion shares worth RMK 259.77 million.

Meanwhile, stock trading Malaysian Resources Corp Bhd (MRCB) will be suspended on Monday until the announcement of a major announcement.

In response to Bursa Malaysia, MRCB today said that Bursa Malaysia Securities Bhd had approved its suspension request.

Structured warrants related to the MRCB will also be suspended at the same time.

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