Bursa Malaysia Eases In Early Trade, Tracking Weaker Regional Markets

KUALA LUMPUR, March 30 (Bernama) -- Bursa Malaysia eased in early trade on Monday as it tracked regional market losses after a sharp Wall Street sell-off, as Brent crude oil surged above US$110 per barrel.

At 9.15 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 17.17 points or 0.99 per cent to 1,695.48 from last Friday’s close of 1,712.65. 

The key index opened 10.57 points weaker at 1,702.08.

Meanwhile, Japan’s Nikkei 225 fell 1.41 per cent to 30,887.88, Singapore’s Straits Times Index eased 0.47 per cent to 4,875.0,  Korea’s Kospi Composite Index declined 4.20 per cent to 5,209.56, while Jakarta Stock Exchange Composite Index eased 0.94 per cent to 7,097.06

Market breadth was negative, with 464 losers thumping 160 gainers. A total of 267 counters were unchanged, 1,851 untraded, and 134 suspended.

Turnover stood at 322.03 million shares worth RM293.05 million.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the Dow Jones Index fell 1.73 per cent to 45,166.64, the S&P 500 eased 1.67 per cent to 6,368.85, and the Nasdaq decreased 2.15 per cent to 20,948.36.

Regional markets have seen continued selling pressure in technology stocks, particularly in Taiwan and South Korea, as investors took a defensive stance amid persistent West Asia tension.

“We expect a shift towards defensive and commodity-related plays as investors hedge against external headwinds. The index is expected to trade within the 1,710–1,725 range today,” he said.

Among the heavyweights, Maybank and IHH Healthcare lost 12 sen each to RM11.34 and RM8.93, respectively. Public Bank slid seven sen to RM4.73, Tenaga Nasional added four sen to RM14.14 and CIMB fell 15 sen to RM7.55.

On the most active list, Sunway Healthcare shed four sen to RM2.33, Velesto Energy added one sen to 34 sen, AirAsia X eased five sen to RM1.11, Hibiscus Petroleum gained nine sen to RM2.31 and Capital A and VS Industry decreased 1.5 sen each to 40 sen and 22 sen, respectively.

Among the top gainers, Press Metal rose 43 sen to RM8.04, Allianz increased 14 sen to RM20.90, Bimoffice rose 13 sen to 28 sen, Sunway Construction added 12 sen to RM7.02, and Petron was 11 sen higher at RM4.74.

As for the top losers, Nestle fell 94 sen to RM98.12, Malaysian Pacific down 38 sen to RM28.62, Hong Leong Industries slipped 22 sen to RM16.48, PPB was 18 sen weaker at RM11.32, and Teck Guan Perdana eased 16 sen to RM1.91.

On the index board, the FBM Top 100 Index shrank 119.28 points to 12,218.22, while the FBM Emas Index weakened 118.62 points to 12,346.64, and the FBM ACE Index lost 57.88 points to 4,269.57.

The FBM 70 Index dropped 147.96 points to 16,950.82, and the FBM Emas Shariah Index contracted 85.39 points to 12,186.80.

By sector, the Financial Services Index shaved 255.78 points to 20,071.71, and the Plantation Index fell 2.14 points to 8,702.82, while the Industrial Products and Services Index inched up 2.02 points to 184.91, and the Energy Index added 8.24 points to 806.53.

-- BERNAMA