Bursa Malaysia lower in early trade ahead of US inflation data

BURSA Malaysia was lower in the early trade as cautious sentiments abounded in the market ahead of the United States (US) inflation data which will be released tonight.

At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped by 3.53 points to 1,432.36 from yesterday’s close of 1,435.89.

The main index opened 1.13 points higher at 1,437.02.

However, the market breadth was positive as gainers edged past decliners at 162 versus 159, while 230 counters were unchanged, 1,712 untraded and 23 others suspended.

Turnover stood at 308.61 million units worth RM98.85 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said investors will be looking for fresh leads from the United States (US) Consumer Price Index data which may reflect the US rates.

“Hence we expect the FBM KLCI to hover within the 1,430-1,440 range today.

“We believe the accumulation of banking stocks would persist and anticipate hard tech-related counters to face some headwinds in view of the slowing global demand,” he told Bernama.

Among the heavyweights, Maybank and Petronas Chemicals declined by three sen to RM8.68 and RM7.33, respectively, Tenaga Nasional slipped four sen to RM9.09 and Public Bank was flat at RM3.99, while CIMB ticked up two sen to RM5.24.

As for the actives, Hong Seng inched up half-a-sen to 13 sen, Revenue Group added 5.5 sen to 32.5 sen and Classita perked one sen to 18.5 sen, while Ta Win decreased half-a-sen to 5.5 sen and Jade Marvel eased one sen to 30 sen.

On the index board, the FBM Emas Index dwindled 17.59 points to 10,537.20, the FBMT 100 Index trimmed 18.03 points to 10,217.45 and the FBM Emas Shariah Index fell 24.64 points to 10,887.28, while the FBM ACE Index was 7.27 points higher at 5,353.60 and the FBM 70 index climbed 5.21 points to 13,790.97.

Sector-wise, the Financial Services Index dropped 7.01 points to 15,776.66, the Industrial Products and Services Index shrank 0.70 of-a-point to 174.58, while the Energy Index grew 3.95 points to 876.77 and the Plantation Index increased 2.05 points to 6,842.58. Bernama / pic Bloomberg