Bursa market opens lower as oil prices and US Treasury moves dampen sentiment
The FTSE Bursa Malaysia KLCI slipped about 0.29% to 1,709.33, opening down 1.64 points, as trading activity remained muted.
At 9:10 am, the FTSE Bursa Malaysia KLCI eased 5.01 points to 1,709.33, opening 1.64 points lower at 1,712.70, reflecting a subdued market where 244 stocks fell versus 146 that rose. A total of 317 stocks were unchanged, 2,124 did not trade and 21 were suspended, with turnover of 298.80 million shares valued at RM127.53 million. Rakuten Trade Sdn Bhd’s equity research vice-president Thong Pak Leng cited heightened West Asian geopolitical tension that lifted Brent crude above US$100 per barrel and a US Treasury announcement of a US$6 billion increase in long-term bond purchases, alongside a 10-year yield of 4.845%, as the main headwinds.
He forecast a lackluster session with the index likely staying between 1,710 and 1,720. Among heavyweights, Maybank and Tenaga Nasional each added 6.0 sen, Public Bank rose 2.0 sen, while IHH Healthcare slipped 2.0 sen; top gainers included United Plantations (+42 sen) and F&N (+38 sen), and top losers featured Hong Leong Financial (-20 sen) and Malaysian Pacific Industries (-16 sen).
