Kuala lumpur: Bursa Malaysia opened lower on Thursday, reflecting Wall Street's broadly weaker performance overnight amid increasing crude oil prices and US Treasury yields, as reported by an analyst. At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 5.01 points, or 0.29 percent, to 1,709.33, down from Wednesday's close of 1,714.34. The index initially opened 1.64 points lower at 1,712.70.
According to BERNAMA News Agency, market breadth was subdued, with 244 losers outnumbering 146 gainers. A total of 317 counters remained unchanged, 2,124 were untraded, and 21 were suspended. Turnover was recorded at 298.80 million shares, valued at RM127.53 million.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng indicated that heightened geopolitical tensions in West Asia, pushing crude oil prices above US$100 a barrel for the first time since May, were the main challenges for regional markets. Meanwhile, the US Treasury Department's plan to increase long-term bond purchases by US$6 billion, coupled with the US 10-year Treasury yield climbing to 4.845 percent, contributed to subdued trading activity.
Thong anticipated a lackluster trading session, with the index expected to trend between 1,710 and 1,720. Among the heavyweights, Maybank and Tenaga Nasional rose 6.0 sen each to RM10.52 and RM13.80, respectively. Public Bank added 2.0 sen to RM4.91, CIMB remained flat at RM7.91, and IHH Healthcare declined 2.0 sen to RM7.90.
Actively traded stocks included Zetrix AI, which fell 2.5 sen to 24.5 sen, and Ni Hsin, which dropped 8.5 sen to 21.5 sen. HHRG and MAG were unchanged at 17.5 sen and 15.5 sen, respectively, while GIIB gained half a sen to 54 sen. United Plantations led the top gainers, rising 42 sen to RM33.42, followed by FandN, which gained 38 sen to RM24.48. Henyuan Refining, Petronas Chemicals, and Paragon Union also saw increases.
Top losers included Hong Leong Financial, easing 20 sen to RM18.84, and Malaysian Pacific Industries, shedding 16 sen to RM40.80. Telekom, UWC, and Malayan Cement also experienced declines.
On the index board, the FBM Mid 70 Index lost 57.90 points to 17,806.66, while the FBM ACE Index fell 11.40 points to 5,286.26. The FBM Emas Index, FBM Top 100 Index, and FBM Emas Shariah Index all weakened. Sector-wise, the Financial Services Index slipped 64.79 points, the Plantation Index strengthened, while the Industrial Products and Services Index edged down slightly. The Energy Index gained 5.30 points.