Bursa Malaysia opens lower in early trade

The local bourse might be able to maintain its rebound following the end-October sell-down

BURSA Malaysia opened lower today, taking the cue from the indecisive mid-term US election results, with profit-taking seen in transportation and logistics as well as energy stocks, a dealer said. 

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 5.23 points to 1,440.96 from yesterday’s close of 1,446.19.

The market bellwether opened 3.88 points weaker at 1,442.31.

On the broader market, decliners trumped gainers 236 to 66, while 175 counters were unchanged, 1,849 untraded and 28 others suspended.

Turnover stood at 134.94 million units worth RM42.33 million.

Rakuten Trade Sdn Bhd VP (equity research) Thong Pak Leng said the Dow Jones Industrial Average declined by 647 points while the Nasdaq lost 263 points as the US’ 10-year yield closed marginally lower at 4.1%.

Back home, he reckoned the FBM KLCI to maintain its rebound following the end-October sell-down, hence, the index is expected to trend in the 1,440-1,455 range.

“We could see buying on the bank and telecommunication stocks for today,” he told Bernama.

Among heavyweight stocks, Dialog Group Bhd eased one sen to RM2.03, IHH Healthcare Bhd and Maxis Bhd shed seven sen to RM5.90 and RM3.79, respectively, Malayan Banking Bhd erased two sen to RM8.61 and Petronas Chemicals Group Bhd lost four sen to RM8.51.   

Among the actives, Euro Holdings Bhd and Avillion Bhd slid half-a-sen to 13 sen and 10 sen, respectively, Citaglobal Bhd went down one sen to 25 sen, while Advance Synergy Bhd was unchanged at 11.5 sen and Lingkaran Trans Kota Holdings gained four sen to 50 sen. 

On the index board, the FBM Emas Index fell 35.43 points to 10,224.02, the FBM Emas Shariah Index slipped 39.54 points to 10,284.20, the FBM 70 shrank 34.42 points to 12,122.82, the FBM T100 Index inched down 34.30 points to 9,959.46 and the FBM ACE lessened 34.36 points to 4,897.98. 

Sector-wise, the Transportation and Logistics Index plunged 73.44 points to 802.8, the Industrial Products and Services Index edged down 0.68 of a point to 173.64, the Plantation Index dropped 12.7 points to 6,836.86, the Financial Services Index gave up 35.89 points to 16,224.95 and the Energy Index was 9.62 points lower at 712.01. — Bernama / pic TMR FILE