Kuala Lumpur: Bursa Malaysia opened higher today, tracking the rally on Wall Street overnight as US automotive makers received a temporary tariff reprieve, but it retreated thereafter due to selling pressure.
According to BERNAMA News Agency, at 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased by 4.36 points to 1,568.78. However, it slipped by 6.91 points to 1,557.51 after slightly over one hour of trading compared with yesterday’s close of 1,564.42. The benchmark index opened 4.53 points higher at 1,568.95.
On the broader market, losers surpassed gainers 317 to 309, with 363 counters unchanged, 1,353 untraded, and seven suspended. Turnover stood at 901.83 million shares worth RM460.12 million.
Rakuten Trade Sdn Bhd’s vice president of equity research, Thong Pak Leng, noted that the US’s one-month tariff reprieve for automotive makers has led to expectations that it could be extended to other industries. He highlighted the uncertainties due to potential inflationary pressure, which saw the US 10-year yield rise to 4.28 per cent.
In Hong Kong, the Hang Seng Index rebounded to almost the 23,600 mark, led by CK Hutchison Holdings following its proposed disposal of assets worth US$23 billion near the Panama Canal. Additionally, China’s Premier Li Qiang, during the opening of the National People’s Congress, alluded to another five per cent growth for China’s gross domestic product this year plus more fiscal spending.
Thong also mentioned that the collaboration with Arm Holdings Plc could fast-track Malaysia’s technology sector up the value chain, potentially acting as a catalyst for the sector. He anticipates the index to hover within the 1,565-1,575 range today, citing positive regional performance and a potential flight of foreign funds.
Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd’s head of investment research, Mohd Sedek Jantan, said the FBM KLCI is expected to trade higher following gains on Wall Street, with the US agreeing to postpone newly imposed automotive tariffs on Mexico and Canada. China’s annual legislative meeting’s economic growth target of about five per cent for the year has also bolstered investor confidence despite concerns over the potential negative impact of an escalating trade war with the US.
Among heavyweights, IHH Healthcare added 4.0 sen to RM7.41, Public Bank lost 3.0 sen to RM4.60, CIMB went down 17.0 sen to RM7.63, Tenaga Nasional dipped 14.0 sen to RM13.68, while Maybank remained flat at RM10.58.
In terms of actives, G3 Global and Dagang NeXchange inched up half-a-sen each to 1.5 sen and 26.5 sen, respectively, while My E.G. Services gained 3.0 sen to 94.0 sen. NexG and SFP Tech Holdings eased by half-a-sen each to 25.5 sen and 28.0 sen, respectively.
On the index board, the FBM Emas Index fell 39.17 points to 11,574.82, the FBMT 100 Index weakened by 40.06 points to 11,357.22, the FBM Emas Shariah Index declined 13.59 points to 11,232.12, the FBM 70 Index slipped 16.52 points to 16,379.53, and the FBM ACE Index shrank 34.08 points to 4,552.20.
By sector, the Industrial Products and Services Index inched down 0.09 of a point to 155.37, the Energy Index shed 4.32 points to 723.34, the Financial Services Index dropped 137.24 points to 19,165.71, while the Plantation Index climbed 32.83 points to 7,542.30.