Kuala Lumpur:Bursa Malaysia opened on a positive note on Thursday but retreated soon after, reflecting the weaker performance of Wall Street overnight. Market sentiment was dampened by the rise in US Treasury yields.
According to BERNAMA News Agency, at 9.34 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) had decreased by 10.55 points, or 0.65%, to 1,601.23, compared to Wednesday's close of 1,611.78. The index had initially opened 1.67 points higher at 1,613.45.
In the broader market, there were 466 decliners compared to 197 advancers, with 337 counters remaining unchanged, 1,828 untraded, and 13 suspended. The turnover was recorded at 565.70 million units, valued at RM370.21 million.
Thong Pak Leng, vice-president of equity research at Rakuten Trade Sdn Bhd, noted that the US 10-year Treasury yield had reached a 24-year high of 5.365% before easing to 5.286%. In Hong Kong, the Hang Seng Index also declined as sentiment became cautious with the strengthening of crude oil prices, with Brent crude surpassing the US$101 per barrel mark.
Domestically, Thong pointed out that the FBM KLCI was trading at a relatively low price-to-earnings ratio of 15 times at Wednesday's close, which could present a good opportunity for bargain hunters. He predicted the index would fluctuate between 1,605 and 1,620 during the day.
Among major stocks, Tenaga Nasional saw a rise of six sen to RM12.92, while Maybank and IHH Healthcare each dropped four sen to RM9.83 and RM7.86, respectively. Public Bank fell by five sen to RM4.54, and CIMB decreased by 13 sen to RM7.20.
In active trading, Ni Hsin and V.S Industry each gained half a sen to 40 sen and 33 sen, respectively. NationGate increased by nine sen to RM1.95, and Top Glove rose by two sen to 87.5 sen. Zetrix AI remained unchanged at eight sen.
Top gainers included Binastra Corporation, which surged 20 sen to RM2.70, while IOI Properties Group and Fraser and Neave each added 12 sen to RM3.42 and RM20.90, respectively. Malayan Cement went up by eight sen to RM5.69, and KSL increased by seven sen to RM2.64.
Among the top losers, Malaysian Pacific Industries fell by 90 sen to RM44.30, Hong Leong Bank dropped 44 sen to RM21.06, and Mi Technovation slipped 30 sen to RM6.08. Vitrox Corporation decreased by 22 sen to RM11.00, and Dutch Lady Milk Industries declined by 20 sen to RM29.50.
On the index board, the FBM Mid 70 Index fell 81.68 points to 17,671.81, the FBM Emas Index dropped 69.31 points to 12,055.64, the FBM Top 100 Index decreased 71.81 points to 11,830.17, the FBM Emas Shariah Index fell 35.28 points to 12,111.87, and the FBM ACE Index edged down by 23.98 points to 5,598.40.
Sector-wise, the Industrial Products and Services Index edged down by 0.55 of a point to 179.33, the Energy Index slipped 1.72 points to 837.25, the Financial Services Index fell 203.87 points to 18,359.45, and the Plantation Index declined 26.92 points to 8,949.12.