KUALA LUMPUR, Sept 24 (Bernama) -- Bursa Malaysia opened slightly lower on Wednesday, following Wall Street’s decline as investors digested comments from US Federal Reserve chairman Jerome Powell suggesting US equities may be overvalued.
At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.46 points to 1,600.09, from Tuesday’s close of 1,603.55. The benchmark index had opened at 1,602.81.
Market breadth was negative, with 166 decliners versus 106 gainers. Meanwhile, 283 counters were unchanged, 2,118 untraded, and 49 suspended. Turnover stood at 179.48 million units worth RM68.97 million.
In a research note, Malacca Securities Sdn Bhd said Powell’s comments on Wall Street’s stretched valuations prompted profit-taking.
“Taking a cue from Wall Street's negative lead, we expect profit-taking on the KLCI, with the technology sector likely to face selling pressure,” it said.
The firm continues to favour Itmax System Bhd, noting its recent contract wins have strengthened recurring revenue, providing earnings visibility for at least the next 15–20 years.
“We also see trading opportunities in construction stocks such as Binastra Corp Bhd and Inta Bina Group Bhd, given their robust earnings from key developers, sizeable order books, and undemanding valuations.
“Additionally, following recent developments in Solarvest Holdings Bhd, we anticipate buying interest in renewable energy-related stocks such as Kawan Renergy Bhd, supported by government initiatives including the National Energy Transition Roadmap and the rollout of Fifth Large Scale Solar (LSS5) packages,” it added.
Among heavyweights, Public Bank shed one sen to RM4.27, CIMB Group fell five sen to RM7.24, Tenaga Nasional down six sen to RM13.34, while Maybank and IHH Healthcare were unchanged at RM9.82 and RM7.36, respectively.
In active trade, ACE Market debutant Express Powerr Solutions rose half a sen to 20.5 sen, NexG added one sen to 52 sen, TWL Holdings and Auro Holdings were flat at three sen and 1.5 sen, respectively, while JS Solar slipped one sen to 39 sen.
Top losers included Malaysian Pacific Industries, down 28 sen to RM29.22; Apollo Food Holdings, 10 sen to RM6.40; Edaran, eight sen to RM1.13; Sunway Construction Group, seven sen to RM6.20; and Plenitude, six sen to RM1.86.
Top gainers were Hong Leong Financial Group, up 16 sen to RM17.10; Binastra Corp, seven sen to RM2.23; 99 Speedmart Retail Holdings, six sen to RM2.70; Teo Guan Lee Corp, six sen to RM1.10; and Life Water, five sen to 96 sen.
On the broader market, the FBM Emas Index fell 16.02 points to 11,926.99, the FBM 100 Index lost 3.46 points to 11,660.14, the FBM Emas Shariah Index slipped 19.59 points to 11,978.42, the FBM 70 Index dropped 43.08 points to 16,758.63, while the FBM ACE Index rose 0.35 of-a-point to 5,006.65.
By sector, the Industrial Products and Services Index edged down 0.42 of-a-point to 169.64, the Financial Services Index fell 3.24 points to 18,080.53, the Plantation Index declined 5.64 points to 7,721.18, while the Energy Index gained 4.23 points to 768.72.
-- BERNAMA
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