BURSA Malaysia opened lower, taking the cue from Wall Street’s weaker performance as traders digested the US Federal Reserve (Fed) comments of more rate hikes ahead of the final quarter of 2023, said an analyst.  

At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.11 points to 1,445.10 from Thursday’s close of 1,448.21.

The index opened 2.33 points easier at 1,445.88.

The market breadth was negative, with decliners leading gainers 200 to 83, while 238 counters were unchanged, 1,870 untraded, and 49 suspended.

Turnover stood at 142.17 million units worth RM58.36 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the Dow Jones Industrial (DJI) Average lost 370 points as a result of Wall Street slumping further, while the Nasdaq declined by 245 points. 

Meanwhile, the US 10-year yield spiked to around a 15-year high at 4.49 per cent. 

“Back home, after a strong opening on Wednesday, the FBM KLCI closed below the 1,450 mark as sentiment turned cautious in tandem with the sell-down within the region. 

“Although the local bourse may enter into a consolidation phase, we remain optimistic that bargain-hunting activities will prevail as foreign funds continue to diversify into the region,” he told Bernama. 

As such, Thong reckons the index to hover within the 1,445 to 1,455 range today.

Among the heavyweights, Maybank lost three sen to RM8.87, Public Bank eased two sen to RM4.19, Petronas Chemicals reduced five sen to RM7.26, TNB gained four sen to RM10.10 and CIMB was flat at RM5.59. 

Of the actives, KNM Group added half-a-sen to 12.5 sen, Eastern & Oriental edged up 1.5 sen to 66.5 sen, and Borneo Oil went down half-a-sen to one sen, while both Tanco Holdings and Bumi Armada were flat at 55.5 sen each. 

On the index board, the FBM Emas Index inched down 22.88 points to 10,703.76, the FBMT 100 Index decreased 22.58 points to 10,369.43, the FBM Emas Shariah Index slid 26.40 points to 10,946.07, the FBM 70 Index contracted 32.34 points to 14,255.22 and the FBM ACE Index dropped 5.14 points to 5,209.00. 

Sector-wise, the Financial Services Index erased 28.80 points to 16,199.17,  the Plantation Index was 19.56 points easier at 6,905.54, the Industrial Products and Services Index eased 0.75 of-a-point to 173.66, and the Energy Index went down 0.50 of-a-point to 891.39. —BERNAMA / pic TMR FILE