Bursa malaysia: Bursa Malaysia opened the trading day on a positive note, driven by bargain hunting in the telecommunications and transportation sectors. At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) saw an increase of 1.82 points, or 0.10 percent, reaching 1,665.64, up from the previous day's close of 1,663.82. The index initially opened 0.68 points higher at 1,664.50.
According to BERNAMA News Agency, despite the initial uptick, market breadth was negative with 220 decliners surpassing 125 gainers. A total of 254 counters remained unchanged, while 2,144 were untraded, and 65 were suspended. The turnover for the morning amounted to 130.09 million shares, valued at RM68.96 million.
Rakuten Trade Sdn Bhd's vice-president of equity research, Thong Pak Leng, commented on the mixed closing of Wall Street, highlighting that AI-related stocks displayed volatility, while Apple's price hikes contributed to an overall cautious sentiment. In the U.S. markets, the Dow Jones Industrial Average increased by 0.14 percent, the S and P 500 remained unchanged, and the Nasdaq decreased by 0.46 percent.
The Hang Seng Index in Hong Kong dropped 1.43 percent, ending at 23,076.91 points due to significant selling pressure on mainland Chinese stocks. In Malaysia, FBM KLCI experienced a retreat driven by heavy selling in Press Metal Aluminium and Petronas Chemicals, causing the index to fall below the 1,675 support level.
Thong Pak Leng noted that the next downside support level is anticipated near 1,660. He suggested that despite the weak technical indicators, the current valuation may attract bargain hunters if the selling pressure reduces. The FBM KLCI is expected to fluctuate within the 1,660-1,670 range for the day.
In terms of individual stocks, Axiata increased by five sen to RM2.13, MISC rose by nine sen to RM7.88, and CelcomDigi, Maxis, and Petronas Chemicals each went up by three sen to RM2.74, RM3.42, and RM3.95, respectively. Active stocks like Borneo Oil and TWL remained flat, Vinvest Capital dropped by half a sen, Senheng added a sen, and AirAsia X fell by two sen.
Among the top gainers, United Plantations increased by 32 sen to RM32.62, Analabs Resources went up by seven sen to RM1.77, and Ajinomoto saw a rise of six sen to RM18.94. Conversely, Malaysian Pacific Industries, F and N, Vitrox, UWC, and Kelington were among the top losers in the market.
On a broader scale, the FBM Emas Index decreased by 1.24 points to 12,378.91. Meanwhile, the FBM Top 100 Index saw a minor increase, and the FBM Emas Shariah Index dropped.
Sector-wise, the Financial Services Index improved, while the Energy Index decreased. The Plantation Index and the Industrial Products and Services Index experienced slight gains.