Bursa Malaysia opens lower amid cautious trading

KUALA LUMPUR, Jan 26 — Bursa Malaysia opened lower right now, investing in cautious mode pursuing the lacklustre overall performance on Wall Street overnight.

In the United States (US), stocks ended flat right away as buyers assessed the most recent batch of company results and forward of the launch of vital economic data, dealers claimed.

At 9.07am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) shed 2.66 details to 1,496.79 from Wednesday’s close of 1,499.45 .

The market place bellwether opened 2.04 factors lessen at 1,497.41.

In the broader industry, gainers led decliners 170 to 127, while 244 counters had been unchanged, 1,689 untraded and 37 some others suspended.

Turnover amounted to 160.20 million units worth RM69.25 million.

Malacca Securities Sdn Bhd claimed the FBM KLCI unsuccessful to construct on to the good momentum from the pre-Chinese New Year moves as the important index shed floor on fast financial gain-getting things to do.

“Still, we are banking on the restoration concept from China which will enhance the FBM KLCI previously mentioned the 1,500 amount, though the reduce liners could go on to capitalise on the enhanced investing surroundings and get pleasure from more rotational engage in.

“Globally, the emphasis will shift to the preliminary reading of the US fourth quarter 2022 Gross Domestic Item knowledge tonight,” it shared.

Commodities-clever, it famous Brent crude oil edged a bit greater to stay previously mentioned US$86 for each barrel, but crude palm oil (CPO) price tag slipped beneath RM3,800 a tonne on even more profit-getting routines.

Therefore, it stated, the electrical power sector is predicted to continue to be in aim on the back of the agency oil costs and amid China’s recovery, although investors wait around for the Organisation of the Petroleum Exporting Nations around the world (Opec) meeting on Feb 1, 2023, for sector path.

“Meanwhile, the record higher automotive complete business quantity registered in 2022 might elevate automotive-connected stocks. On the flip side, the money providers sector may possibly go through a consolidation adhering to the pause in overnight plan rate hikes by Lender Negara Malaysia,” it extra.

Amongst the heavyweights, Petronas Chemical slid three sen to RM8.47, CIMB eased one particular sen to RM5.77, and Tenaga Nasional fell 5 sen to RM9.47, while Maybank and General public Bank ended up flat at RM8.81 and RM4.29, respectively.

As for the actives, Area of interest Cash extra two sen to 16.5 sen, Cypark obtained 3.5 sen to 87.5 sen, Dataprep enhanced 1 sen to 27.5 sen, JHM Consolidation rose 5.5 sen to 94.5 sen, and Leform bagged 1.5 sen to 23 sen.

On the index board, the FBM Emas Index dropped 11.55 details to 10,857.25, the FBMT 100 Index retreated 14.73 factors to 10,534.31, and the FBM Emas Shariah Index slipped 16.51 factors to 11,095.45.

The FBM 70 Index shaved 1.75 factors to 13,617.12 though the FBM ACE Index enhanced 8.45 points to 5,635.55.

Sector-wise, the Money Products and services Index gave up 6.61 factors to 16,535.41, the Industrial Solutions and Solutions Index trimmed .18 of-a-position to 189.67, the Power Index eased 3.37 details to 867.06, and the Plantation Index climbed 10.28 factors to 6,829.24. — Bernama