KUALA LUMPUR, Oct 4 — Bursa Malaysia opened lower today due to selling pressure in selected heavyweights, with investors possibly positioning themselves ahead of the Budget 2024 tabling next week, a dealer said.

At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 3.0 points to 1,417.01 from Tuesday’s closing of 1,420.01.

The index opened 2.10 points weaker at 1,417.91.

On the broader market, decliners beat gainers 280 to 57, while 209 counters were unchanged, 1,748 untraded and 24 suspended.

Turnover stood at 140.68 million units worth RM68.76 million.

Malacca Securities Sdn Bhd said the elevated inflationary pressure, rising United States (US) Treasury yields as well as expectations of another possible interest rate hike move by the US Federal Reserve may continue to put stock markets under downward pressure.

"Given that Wall Street ended on a negative tone, we expect selling interest to emerge within the technology sector on the local front, while the energy sector could remain pressured amid declining Brent oil prices,” the brokerage said in a note today.

Nevertheless, it opined that traders could position themselves in the building materials and construction sectors ahead of the Budget 2024 tabling.

Among the heavyweights, Maybank and Petronas Chemicals were unchanged at RM8.77 and RM7.0 respectively, while Public Bank and Tenaga Nasional shed one sen to RM4.05 and RM9.96, respectively, and CIMB fell two sen to RM5.39.

Of the actives, Sealink International gained 1.5 sen to 20.5 sen, Hextar and Evergreen Max Cash added half-a-sen to 41 sen and 46 sen, respectively, KNM was flat at 15 sen, and Tanco shed half-a-sen to 54 sen.

On the index board, the FBM Emas Index dropped 29.86 points to 10,505.51, the FBMT 100 Index trimmed 27.90 points to 10,174.06, and the FBM Emas Shariah Index erased 31.22 points to 10,792.28.

The FBM ACE Index decreased 20.15 points to 5,142.10 while the FBM 70 Index lost 66.31 points to 14,013.45.

Sector-wise, the Industrial Products and Services Index declined 0.35 of-a-point to 169.73, the Energy Index weakened 5.63 points to 866.09, the Financial Services Index gave up 37.27 points to 15,867.94, and the Plantation Index fell 25.19 points to 6,834.73. — Bernama