Bursa opens lower amid weak Wall Street run

KUALA LUMPUR: Bursa Malaysia was marginally lower at the opening today amid extended weaknesses in Wall Street’s performance overnight.

At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.28 point easier at 1,708.21 from 1,708.49 on Thursday. The key index opened 4.57 points weaker at 1,703.92.

On the scoreboard, losers led gainers by 173 to 118, with 181 unchanged, 1,400 untraded and 17 suspended.

Amid active trading, volume stood at 132.66 million units valued at RM74.08 million.

Maybank Investment Bank said the sell-off in global equities continued last night driven by fears of rising interest rates, with selling pressure expected to accelerate in the early session before bargain hunting activity takes place.

“Technically, we expect the FBM KLCI to trade between 1,660 and 1,730. Downside supports are 1,680 and 1,658,” it said in a note today.

Among heavyweights, Dialog added two sen to RM3.33, Petronas Chemicals gained one sen to RM9.23, CIMB was flat at RM5.66, Hong Leong Bank trimmed 10 sen to RM20.20, Public Bank went down 18 sen to RM24.72, Hap Seng Consolidated lost 21 sen to RM9.36 and Maybank eased four sen to RM9.24.

For actives, Orion AXL edged up half-a-sen to 10.5 sen, Gamuda increased five sen to RM2.35, Barakah Offshore was one sen higher at 13 sen, Borneo Oil was flat at six sen, Sapura Energy inched down half-a-sen to 36 sen and Hibiscus Petroleum was one sen easier at RM1.18.

The FBM Emas Shariah Index advanced 28.83 points to 11,921.38, the FBM Ace Index accelerated by 13.86 points to 4,918.21 and the FBM 70 shed 9.28 points to 13,813.93.

The FBM Emas Index gave up 4.52 points to 11,854.06 and the FBMT 100 Index dwindled 3.31 points to 11,682.39.

Sector-wise, the Plantation Index rose 38.43 points to 7,430.97 but the Financial Services Index decreased 92.69 points to 17,126.61 and the Industrial Products and Services Index was slightly lower by 0.61 point to 170.27.