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Bursa Malaysia opens lower, takes cue from Wall Street

Bursa Malaysia opens lower, takes cue from Wall Street

KUALA LUMPUR: Bursa Malaysia was slightly lower in early trade today, tracking the weak Wall Street performance overnight. 

At 9.28 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) inched down 0.56 of a point to 1,471.00 from Monday’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 vice president 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 of forecast operators today,” he added.

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

Maybank was flat at RM8.58, Public Bank eased one sen to RM4.43, and CIMB fell three sen to RM5.61.

Of the actives, Dataprep advanced 4.5 sen to 32 sen, Euro Holdings bagged three sen to 14.5 sen, Sarawak Consolidated grew 1.5 sen to 16.5 sen, MQ Technology was flat at seven sen, and Advance Synergy 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 FBMT 100 Index discounted 4.45 points to 10,274.68, the FBM Emas Shariah Index slipped 0.60 of a point to 10,766.85 and the FBM 70 erased 7.76 points to 12,939.41, while the FBM ACE gained 25.70 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.