Bursa opens lower, tracking fall on Wall St, global markets

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KUALA LUMPUR (Oct 3): Bursa Malaysia opened slightly lower on Monday morning (Oct 3), tracking the fall on Wall Street and global markets last Friday, a dealer said.

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At 9.05am, the benchmark FBM KLCI had retreated 3.70 points to 1,390.93 from last Friday’s close at 1,394.63.

The benchmark index opened 0.93 of a point easier at 1,393.70.

On the broader market, decliners trounced gainers 224 to 83, while 198 counters were unchanged, 1,848 untraded, and 31 others suspended.

Turnover stood at 96.49 million units worth RM41.53 million.

Malacca Securities Sdn Bhd noted that Wall Street extended its slide last Friday after the strong US personal spending data for August 2022 led to continued expectations of aggressive interest rate hikes by the American central bank.

“We believe global market turmoil will likely continue, stemming from fears that elevated inflation rates will cause a recession,” it said in a research note on Monday.

Back home, the brokerage expects mild bargain-hunting activities to emerge ahead of Budget 2023 this week.

The tabling of Budget 2023 is scheduled for the coming Friday.

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Commodities-wise, the price of crude oil fell to trade around US$85 per barrel, while crude palm oil gained momentum to close above RM3,410 per tonne last Friday, tracking soybean oil gains.

At the time of writing, Bursa heavyweights Malayan Banking Bhd (Maybank) stood at RM8.57 and Public Bank Bhd at RM4.22 after declining by one sen each, CIMB Group Holdings Bhd went down two sen to RM5.11 and Petronas Chemicals Group Bhd improved one sen to RM8.40, while IHH Healthcare Bhd was flat at RM5.90.

Of the actives, SNS Network Technology Bhd stood at 28 sen and Vinvest Capital Holdings Bhd at 20 sen after gaining half a sen each, while Harvest Miracle Capital Bhd added two sen to 12 sen.

XOX eased half a sen to 1.5 sen and PT Resources Holdings Bhd was flat at 46 sen.

On the index board, the FBM Emas Index trimmed 32.83 points to 9,944.03, the FBM 70 slipped by 56.31 points to 12,145.50, and the FBMT 100 Index gave up 30.42 points to 9,698.28.

The FBM Emas Shariah Index weakened 40.96 points to 9,967.07, and the FBM ACE contracted 10.7 points to 4,647.17.

Sector-wise, the Energy Index was down by 3.51 points to 666.67, the Financial Services Index declined by 10.34 points to 15,912.11, the Industrial Products and Services Index eased by 0.88 of a point to 168.99, while the Plantation Index went up 17.89 points to 6,491.65. -BERNAMA


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