Money
Bursa Malaysia opens on weaker note
Bursa Malaysia opened easier on Friday as selling pressure continued to weigh on the key index. — Picture by Ahmad Zamzahuri

KUALA LUMPUR, Nov 10 — Bursa Malaysia opened easier on Friday as selling pressure continued to weigh on the key index.

A dealer said today’s trading was also in sync with the bearish regional market performance as weak market sentiment persisted following the latest comments from the US Federal Reserve (Fed) chairman Jerome Powell that more measures may be required to attain the targeted inflation level.

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At 9.15am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.60 points to 1,450.67 from yesterday’s close of 1,452.27. The index opened 1.71 of a point easier at 1,450.56.

The broader market was also negative with decliners leading gainers 240 to 128, while 276 counters were unchanged, 1,730 untraded and 20 others suspended.

Turnover stood at 508.84 million units worth RM120.89 million.

Malacca Securities Sdn Bhd said that following the hawkish comments from the Fed chairman, Wall Street ended the session softer.

It expects some selling interest to spill over towards the local stock exchange. Hence, the upside may be limited for the FBM KLCI in the near term.

"However, we believe the traders could shift their attention to the ongoing reporting season and look for opportunities in stocks with better growth prospects,” the brokerage said in a note.

Among the heavyweights, Maybank, Public Bank and Tenaga Nasional slipped one sen each to RM9.11, RM4.20 and RM9.89, while CIMB lost four sen to RM5.74. Petronas Chemicals added two sen to RM7.22.

Of the actives, Hong Seng rose half-a-sen to 5.0 sen, Vestland increased 2.5 sen to 37.5 sen, while SMTrack was flat at 5.0 sen. Reneuco fell one sen to 19 sen and Zen Tech went down half-a-sen to 2.0 sen.

On the index board, the FBM Emas Index slid 17.11 points to 10,725.92, the FBMT 100 Index dropped 16.70 points to 10,387.87 and the FBM Emas Shariah Index erased 11.47 points to 10,934.41.

The FBM 70 Index shed 45.77 points to 14,186.72 and the FBM ACE Index trimmed 12.65 points to 5,146.58.

Sector-wise, the Industrial Products and Services Index gave up 0.04 of-a-point to 173.08, the Plantation Index lost 2.23 points to 6,921.16, the Energy Index contracted 2.37 points to 859.16 and the Financial Services Index eased 24.72 points to 16,340.79. — Bernama

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