Bursa Malaysia Opens Lower, Tracking Weaker Wall Street Performance

By Zufazlin Baharuddin

KUALA LUMPUR, Nov 13 (Bernama) -- Bursa Malaysia opened lower today, tracking Wall Street’s weaker performance overnight ahead of US inflation data tonight.

At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) shed 4.38 points to 1,604.05 from yesterday’s close of 1,608.43.

The benchmark index, however, began the day 0.18 of-a-point higher at 1,608.61.

Across the broader market, losers led gainers 213 to 107, with 272 counters unchanged, 1,862 untraded, and 13 suspended.

Turnover was 192.19 million shares, valued at RM115.28 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng opined that the market took a breather after a post-election rally ahead of the US Consumer Price Index (CPI) data due for release tonight.

“Wall Street closed lower as the market took a breather after encountering some indigestion following a record-breaking run.

“Nonetheless, we are hopeful that the recent surge in crude palm oil price will attract some buying interest in plantation stocks,” he told Bernama.

Meanwhile, Malacca Securities Sdn Bhd said the Trump 2.0-induced rally on Wall Street lost steam as profit-taking activities emerged as most positive catalysts, such as lower corporate tax rates and higher tariffs on trade deficit nations, are largely priced in.

Hence, the stockbroking firm believes the market participants will closely monitor key economic indicators in the US, including CPI, Producer Price Index, Retail Sales, and Malaysia’s third quarter 2024 gross domestic product data.

Among heavyweights, Malayan Banking Bhd trimmed six sen to RM10.42, CIMB Group, Public Bank and IHH Healthcare eased two sen each to RM8.18, RM4.42 and RM7.17 respectively, while Tenaga Nasional improved four sen to RM14.14.

In active stocks, newly-listed Life Water perked up 16.5 sen to 81.5 sen, Mpire Global was up one sen at 22.5 sen, Azam Jaya put on two sen to RM1.26. Sorenso Capital was flat at 40 sen while OB Holdings slipped one sen to 21.5 sen.

On the index board, the FBM Emas Shariah Index declined 17.76 points to 12,129.86, the FBM Emas Index dwindled 25.09 points to 12,154.96, the FBMT 100 Index shaved 25.16 points to 11,860.74, the FBM 70 Index was down 11.08 points to 17,785.45, and the FBM ACE Index gave up 13.40 points to 5,118.47.

By sector, the Industrial Products and Services Index eased by 0.65 of-a-point to 168.25, the Energy Index dropped 1.01 points to 823.95, the Plantation Index decreased 16.07 points to 7,863.89, and the Financial Services Index tumbled 52.10 points to 19,092.21.

-- BERNAMA