By Zairina Zainudin
KUALA LUMPUR: Bursa Malaysia was lower in early trade today as investors took the cue from the weak closing of Wall Street last night amid the ongoing tension in the Middle East.
At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 0.55 of-a-point to 1,442.11 from Thursday’s closing of 1,442.66.
The index opened 0.69 of-a-point higher at 1,443.35. On the broader market, decliners led gainers 157 to 106, while 223 counters were unchanged, 1,871 untraded and nine suspended.
Turnover stood at 137.23 million units worth RM50.78 million.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said Wall Street continued to slide over the United States Federal Reserve’s stance on interest rates, with chairman Jerome Powell yesterday indicating that more hikes were likely amid the strong US economy.
On the home front, the FBM KLCI ended slightly lower yesterday to close just above the 1,440 threshold despite poor regional sentiments.
“We expect the global currency turmoil to take centre stage over the short term on the heightening US yield, hence the higher market volatility.
“Therefore, we believe the index may be under some pressure today and hover within the 1,435-1,445 range,” he told Bernama.
Meanwhile, crude oil prices continue to escalate with Brent crude now trending at above US$93 per barrel due to lower inventory and conflict in the Middle East, he added.
Among the heavyweights, Petronas Chemicals, CIMB and Tenaga Nasional lost two sen each to RM7.46, RM5.56 and RM9.96, while Maybank, Public Bank and IHH Healthcare were flat at RM8.96, RM4.12 and RM5.95 respectively.
Of the actives, Asdion, Systech and Niche Capital added one sen each to nine sen, 54 sen and 14.5 sen, Auro Holdings inched up half-a-sen to 17 sen.
On the index board, the FBM Emas Index bagged 1.75 points to 10,643.19 and the FBM Emas Shariah Index added 2.77 points to 10,912.33.
The FBMT 100 Index shed 3.33 points to 10,310.95, the FBM 70 Index trimmed 1.86 points to 14,013.64, while the FBM ACE Index erased 7.61 points to 5,098.29.
Sector-wise, the Industrial Products and Services Index was 0.05 of-a-point easier to 174.83, while the Energy Index rose 6.74 points to 881.43, the Plantation Index increased 2.42 points to 6,940.72 and the Financial Services Index garnered 6.46 points to 16,147.75.- BERNAMA
