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Bursa Malaysia opens lower after long holiday break
Published on: Friday, April 12, 2024
By: Bernama
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Bursa Malaysia opens lower after long holiday break
At 9.18am, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 3.56 points to 1,549.95 from Tuesday's close of 1,553.51. — Picture by Zuraneeza Zulkifli
Kuala Lumpur: Bursa Malaysia opened marginally lower due to a lack of participants in the market with traders taking a long Hari Raya break, said an analyst.

At 9.18am, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 3.56 points to 1,549.95 from Tuesday's close of 1,553.51. The benchmark index opened 0.58 points higher at 1,554.09.

On the broader market, decliners led gainers 249 to 237 while 369 counters were unchanged, 1,488 untraded and 11 others suspended.

Turnover amounted to 365.68 million units worth RM201.25 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the local the FBM KLCI slid to below the 1,555 level after testing a year-to-date high on Tuesday.

“We believe this could be attributed to the shortened trading days this week for the Hari Raya festivities.

“Today, we anticipate some bargain-hunting activities to emerge, thus we expect the index to hover within the 1,550-1,560 range,” he told Bernama.

He said Wall Street rebounded, spurred by the lower-than-expected Producer Price Index for March, as traders turned buyers following the higher Consumer Price Index (CPI) data a day earlier.

“Despite the flattish Dow Jones Industrial Average (DJIA), the Nasdaq jumped by 272 points to another record high, led by the bulk of the Magnificent 7, as the US 10-year yield edged up to almost a five-month high at 5.584 per cent,” he said.

Among the heavyweight counters, Maybank and Public Bank were flat each at RM9.63 and RM4.19 respectively, CIMB Group decreased by 9.0 sen to RM6.48, Tenaga Nasional dropped 2.0 sen to RM11.64 and Petronas Chemicals fell 3.0 sen to RM6.74.

Among the actives, Harvest Miracle Capital gained 1.5 sen to 13 sen, Iconic Worldwide increased by 0.5 sen to 10.5 sen, SBH Marine Holdings went up by 2.0 sen to 30 sen, RGB International advanced by 1.0 sen to 37 sen, while Hong Seng Consolidated stayed unchanged at 1.0 sen.

On the index board, the FBM Emas Index dropped by 22.80 points to 11,678.30, the FBMT 100 Index decreased by 24.40 points to 11,311.00, and the FBM Emas Shariah Index went down by 11.30 points to 11,853.80 and the FBM 70 Index saw a decrease of 28.80 points to 16,336.90.

Meanwhile, the FBM ACE Index advanced by 17.25 points to 5,028.41.

Sector-wise, the Financial Services Index fell by 52.10 points to 17,191.30 and the Energy Index went down by 2.16 points to 968.73.

The Industrial Products and Services Index increased by 0.15 of-a-point to 183.96, and the Plantation Index went up by 2.20 points to 7,481.02.

Bursa Malaysia and its subsidiaries were closed on Wednesday and Thursday (April 10 and April 11) in conjunction with the Hari Raya Aidilfitri holidays.

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