Bursa Malaysia opens lower on continued caution after flat Wall Street performance

BURSA Malaysia opened lower today as profit-taking activities emerged in selected heavyweight stocks amid the cautious sentiment in regional markets after a flattish performance on Wall Street overnight.

At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.02 points to 1,430.72 from Monday’s close of 1,433.74.

The benchmark index opened 2.16 points weaker at 1,431.58.

In the broader market, decliners surpassed gainers 220 to 107, while 230 counters were unchanged, 1,685 untraded, and 21 others suspended.

Turnover stood at 285.98 million units worth RM144.17 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said Wall Street closed flat overnight ahead of the US inflation report tomorrow with the Dow Jones slipping 56 points while the S&P500 and Nasdaq barely moved.

“We are cautiously optimistic about the local market in the near term due to support from local institutional and returning foreign funds.

“Hence, we anticipate the FBM KLCI to trend within the range of 1,425-1,440 today.

“We may see some selling pressure on oil and gas stocks as Brent crude oil fell to US$76.60 per barrel,” he told Bernama.

Of the heavyweight counters, Maybank, Public Bank, and CIMB fell one sen each to RM8.75, RM4.0, and RM5.15, respectively. Petronas slid three sen to RM7.14 while Tenaga Nasional was two sen lower at RM9.03.

Among the actives, ACE Market debutant Autocount rose 68 sen to RM1.01, Salutica added 5.5 sen to 98 sen and Icon and Vinvest were half-a-sen higher at 9.0 sen and 20.5 sen, respectively.

Hong Seng and Fitters slipped half-a-sen each to 11.5 sen and 0.5 sen, respectively.

On the index board, the FBM Emas Index slipped 22.68 points to 10,443.83, the FBMT 100 Index edged down 23.43 points to 10,137.33 and the FBM Emas Shariah Index declined 23.61 points to 10,734.25.

The FBM ACE Index was 5.90 points lower at 5,116.31 and the FBM 70 index trimmed 39.64 points to 13,400.36.

Sector-wise, the Industrial Products and Services Index edged down 0.10 point to 170.23, the Financial Services Index weakened 25.04 points to 15,725.75 and the Energy Index eased 4.33 points to 835.99.

The Plantation Index rose 2.82 points to 6,831.38. — Bernama