Kuala lumpur: Bursa Malaysia reversed its previous gains to open lower on Thursday, influenced by losses in major regional markets as investors remained vigilant over developments in West Asia. At 9.13 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 2.81 points to 1,676.15 from Wednesday's close of 1,678.96. The index had opened 1.58 points lower at 1,677.38.
According to BERNAMA News Agency, market breadth was negative, with 374 losers outnumbering 112 gainers. A total of 271 counters were unchanged, 1,934 were untraded, and 21 were suspended. Rakuten Trade Sdn Bhd noted in a research report that the market's movements were influenced by external factors, particularly as Wall Street closed on a lower note due to developments in West Asia. Additionally, the technology sector saw continued sell-offs, while the US May consumer price index excluding food and energy was weaker than expected, though the overall headline reading, which includes all items, exceeded 4 percent, reaching a three-year high.
On the local front, the FBM KLCI saw a minor recovery, closing near the 1,680 level amidst a volatile week. Rakuten Trade Sdn Bhd expressed expectations that the local market would remain supported at current levels, with potential accumulation activity. The index is projected to fluctuate within the 1,675-1,685 range for the day.
In terms of individual stocks, Maybank fell six sen to RM10.62, Public Bank decreased by one sen to RM4.79, Tenaga Nasional gained four sen to RM14.26, CIMB slipped two sen to RM7.38, and IHH Healthcare rose by three sen to RM8.70. Among active stocks, Tanco saw a decrease of 30 sen to 20 sen, leading to a suspension of intraday short selling for the counter. ACE Market entrant MM Computer Systems increased by one sen to 23 sen, while VS Industry eased by half a sen to 20.5 sen, and Hong Seng Consolidated remained steady at one sen.
Top gainers included Hong Leong Industries, which rose by 30 sen to RM18.30, Petronas Chemicals gaining 12 sen to RM5.70, and both MISC and Hong Leong Bank adding eight sen each to RM8.21 and RM20.98, respectively. Conversely, United Plantations dropped 56 sen to RM31.74, Ajinomoto fell 28 sen to RM14.80, Fraser and Neave declined 24 sen to RM25.54, and Bursa Malaysia along with KESM were each down 10 sen to RM8.54 and RM3.63, respectively.
On the broader index board, the FBM Emas Index decreased by 44.94 points to 12,411.54, while the FBM Top 100 Index eased 44.47 points to 12,257.74, and the FBM Emas Shariah Index dropped 40.82 points to 12,375.67. The FBM Mid 70 Index lost 167.16 points to 17,784.73, and the FBM ACE Index fell 33.97 points to 4,626.68. By sector, the Financial Services Index gained 59.34 points to 19,523.07, the Industrial Products and Services Index edged up 0.03 of-a-point to 196.86, the Energy Index added 3.57 points to 782.34, while the Plantation Index slipped 31.42 points to 8,762.80.