Kuala Lumpur: Bursa Malaysia opened lower but turned slightly higher amid uncertainties as traders digested the US consumer confidence report and US President Donald Trump’s policy impact on the American economy, said an analyst.
At 9.10am, the FTSE Bursa Malaysia KLCI (FBM KLCI) climbed 1.67 points to 1,569.70 from Tuesday’s close of 1,568.03. The benchmark index opened 1.76 points easier at 1,566.27.
On the broader market, decliners led gainers 186 to 153, with 272 counters unchanged, 1,765 untraded and 36 suspended. Turnover stood at 217.23 million shares worth RM123.31 million.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said Wall Street continued to struggle as traders were worried about the weakening consumer confidence given Trump’s policy impact on the US economy. He said the overall sentiment was also affected by the US’s latest move to restrict Chinese investments in its technology, infrastructure and some critical industries.
“Back home, the FBM KLCI slumped below the 1,570 level as foreign selling continues, in tandem with the broad-based regional declines. The recent foreign sell-down has been unrelenting and though we see this as an opportune time to accumulate shares, we advocate that investors remain vigilant,” he noted.
Thong expects the index to trend within the 1,565-1,575 range as confidence has turned fragile.
Bursa Malaysia heavyweights Maybank and Tenaga Nasional added two sen each to RM10.48 and RM13.42, respectively, while Public Bank gained one sen to RM4.47. IHH Healthcare slipped two sen to RM7.29 and CIMB was flat at RM8.23.
As for the actives, Ingenieur Gudang eased half-a-sen to four sen, SFP Tech trimmed 4.5 sen to 30 sen and Richtech edged up one sen to 29.5 sen. TWL and Elridge Energy were flat at 2.5 sen and 47 sen, respectively.
On the index board, the FBM Emas Index climbed 12.90 points to 11,769.19, the FBMT 100 Index grew 13.51 points to 11,517.36 and the FBM Emas Shariah Index firmed up 13.42 points to 11,448.30.
The FBM 70 Index gained 24.02 points to 16,895.64 but the FBM ACE Index declined 24.34 points to 4,784.26.
By sector, the Financial Services Index bagged 14.57 points to 19,160.18 and the Industrial Products and Services Index edged up 0.16 of-a-point to 158.86.
The Energy Index was 0.84 of a point lower at 753.56 and the Plantation Index fell 16.80 points to 7,465.80.
