KUALA LUMPUR: Bursa Malaysia opened on a positive note on Thursday, only to retreat later in the day as it faced a dearth of market drivers, compounded by Wall Street’s subdued performance due to persistent inflation concerns and reduced trading activity ahead of the US Thanksgiving Day holiday.
According to BERNAMA News Agency, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 1.73 points to 1,602.25 at 9.10 am, following a rise of 2.07 points at the opening to 1,606.32 from the previous day’s close of 1,604.25. The market saw decliners outnumber advancers by 251 to 143, with 281 counters unchanged, 1,794 untraded, and 89 suspended. The total turnover amounted to 222.49 million units valued at RM147.84 million.
Rakuten Trade Sdn Bhd’s equity research vice-president, Thong Pak Leng, noted a prevailing cautious sentiment, attributed to President-elect Donald Trump’s impending tariff threats and the recent US personal consumption expenditure (PCE) index for October, which aligned with market expectations. The U
S core PCE increased to 2.8 percent in October, potentially influencing the Federal Reserve’s decision on interest rate cuts as inflation concerns persist. Despite these challenges, Thong Pak Leng anticipates that significant gains in blue-chip stocks could support the FBM KLCI in maintaining levels above 1,600, projecting the index to fluctuate between 1,600 and 1,610 throughout the day.
Malacca Securities Sdn Bhd projected ongoing trading prospects in the utilities sector, driven by the positive momentum of YTL-related counters. The firm also indicated that positive outcomes in technology might enhance sentiment for semiconductor-related stocks. Additionally, the aviation, hospitality, and consumer sectors are expected to remain buoyant, supported by improved earnings from airports and the upcoming holiday and festive seasons.
In terms of individual stock performance, heavyweights such as Maybank, CIMB, and Tenaga Nasional remained steady at RM10.18, RM8.37, and RM13.98, respectively. Public Bank experien
ced a minor decline of one sen to RM4.43, while IHH saw a two-sen decrease to RM7.23. Active stocks presented a mixed picture, with Nationgate falling 27 sen to RM2.08, Notion Vtec gaining one sen to RM1.21, Genetec Technology losing two sen to RM1.15, SMTrack rising by half-a-sen to 2.0 sen, and Ekovest dropping one sen to 35 sen.
The index board reflected a general downtrend, with the FBM Emas Index losing 14.92 points to 12,176.05, the FBMT 100 Index declining 12.99 points to 11,874.56, the FBM Emas Shariah Index dropping 8.52 points to 112,874.56, the FBM 70 Index decreasing 20.24 points to 17,898.67, and the FBM ACE Index shedding 16.57 points to 5,162.17.
Sectoral performance was similarly subdued, as the Financial Services Index fell 36.98 points to 19,199.86, the Plantation Index decreased by 15.38 points to 7,465.92, the Energy Index edged down 0.79 of-a-point to 817.90, and the Industrial Products and Services Index dipped 0.63 of-a-point to 171.06.