The index is expected to rebound and hover within the 1,470-1,490 range today despite the downturn on Wall Street overnight

BURSA Malaysia was slightly lower in early trade today, tracking the weak Wall Street performance overnight. 

At 9.28am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) inched down 0.56 of a point to 1,471 from yesterday’s closing of 1,471.56. The market bellwether opened 2.57 points easier at 1,468.99.  

On the broader market, losers surpassed gainers at 301 versus 229, while 295 counters were unchanged, 1,416 untraded and nine others suspended.

Turnover stood at 729.65 million units worth RM226.56 million.

In a research note today, Rakuten Trade Sdn Bhd VP (equity research) Thong Pak Leng said buying activities might emerge soon as the recent sell-down seemed unjustified given that the latest easing of Covid-19 restrictions in Shanghai and Hangzhou may continue to support regional markets.

“Therefore, we expect the index to rebound and hover within the 1,470-1,490 range today despite the downturn on Wall Street overnight. Meanwhile, special draws for 4D to revert to eight days from 22 days next year may see some headwinds for the number forecast operators today,” he added.

Among the heavyweights, Petronas Chemicals Group Bhd rose two sen to RM8.52, Tenaga Nasional Bhd increased six sen to RM9.13, IHH Healthcare Bhd went up five sen to RM5.90, and Hong Leong Bank Bhd and Press Metal Aluminium Holdings Bhd were two sen higher at RM20.52 and RM4.81, respectively.

Malayan Banking Bhd was flat at RM8.58, Public Bank Bhd eased one sen to RM4.43 and CIMB Group Holdings Bhd fell three sen to RM5.61.

Of the actives, Dataprep Holdings Bhd advanced 4.5 sen to 32 sen, Euro Holdings Bhd bagged three sen to 14.5 sen, Sarawak Consolidated Industries Bhd grew 1.5 sen to 16.5 sen, MQ Technology Bhd was flat at seven sen and Advance Synergy Bhd edged down half-a-sen to 18.5 sen. 

On the index board, the FBM Emas Index decreased 5.46 points to 10,581.23, the FBM T100 Index discounted 4.45 points to 10,274.68, the FBM Emas Shariah Index slipped 0.6 of a point to 10,766.85 and the FBM 70 erased 7.76 points to 12,939.41, while the FBM ACE gained 25.7 points to 5,448.87.

Sector-wise, the Financial Services Index slid 12.36 points to 16,433.49, the Industrial Products and Services Index ticked up 0.42 of a point to 181.98, the Plantation Index weakened 25.38 points to 6,727.68 and the Energy Index eased 3.94 points to 810.82. — Bernama