Accra:Bursa Malaysia The stock market opened lower on Tuesday, with sentiment affected by geopolitical uncertainties and fluctuating oil prices, mirroring Wall Street's mixed performance overnight.
According to BERNAMA News Agency, Malacca Securities anticipates that investor caution will persist, with a focus on stocks that may benefit from Budget 2027. The FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 6.21 points or 0.38 percent to 1,611.80 at 9.10 am, following an opening at 1,616.62, which was 1.39 points lower than the previous close. Market breadth was negative, with 293 decliners outnumbering 125 gainers, and 274 counters remaining unchanged. A total of 263.66 million units worth RM130.24 million were traded.
The brokerage noted that both Wall Street and Asian markets showed mixed results on Monday. This was due to rising oil prices following an attack on Riyadh's international airport and lingering concerns over AI technology stocks, as well as stretched valuations amid increasing AI financing costs. Investors are expected to remain selective, focusing on potential beneficiaries of post-Budget 2027 developments, with construction companies being viewed positively.
Among the heavyweights, Petronas Chemicals rose to RM4.27, Maybank to RM9.96, and PPB to RM9.10. Nestle held steady at RM91.10, while IOI Corporation decreased to RM4.56. In active trades, Zetrix AI and SLGC remained unchanged, JAKS Resources dropped slightly, and Land and General decreased. Mestron saw a minor gain.
Leading gainers included Critical, which rose to RM2.85, Hengyuan Refining to RM3.63, and MN Holdings, Oriental Interest, and United Malacca each saw increments.
Top losers were Malaysian Pacific and PJ Bumi, which both fell significantly, along with UMS, MI Technovation, and Petronas Dagangan.
On the index board, the FBM Mid 70 Index, FBM Emas Index, FBM Top 100 Index, FBM Emas Shariah Index, and FBM ACE Index all recorded declines. Sector-wise, the Financial Services, Industrial Products and Services, and Plantation indexes decreased, while the Energy Index saw a slight gain.