KL shares open lower on technical correction

KUALA LUMPUR: Bursa Malaysia opened lower today on a technical correction and amid concerns over rising US interest rates and global trade tensions.

At 9.15 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.49 of a point lower at 1,740.1 from 1,740.59 on Wednesday.

The index opened 2.19 points lower at 1,738.4.

A dealer said the FBM KLCI's opening was muted after the dollar extended early gains and US equities surrendered some of the previous day's hefty gains as participants digested the minutes of the US Federal Reserve's September policy meeting.

“Immediate overhead resistance for the index remains at 1,742, while immediate support stays at 1,697,” he said.

Among heavyweights, Maybank eased three sen to RM9.56, Public Bank shed six sen to RM24.92, TNB fell two sen to RM14.58 and CIMB slipped one sen to RM6.02.

Petronas Chemicals gained two sen to RM9.46.

For actives, MRCB and Barakah lost 1.5 sen each to 78 sen and nine sen respectively and Tiger Synergy and Nova MSC declined half-a-sen each to six sen and 16 sen respectively.

George Kent bagged four sen to RM1.18.

The FBM Emas Shariah Index increased 9.23 points to 12,080.11, while the FBM Ace Index eased 18.92 points to 5,037.94 and the FBM 70 was down 10.021 points to 13,902.38.

The FBM Emas Index declined 3.949 points to 12,044.78 and the FBMT 100 Index lost 4.561 points to 11,867.02.

Sector-wise, the Plantation Index added 3.11 points to 7,429.11 and the Industrial Products and Services Index was slightly higher by 0.38 of a point to 173.3, but the Financial Services Index fell 35.621 points to 17,540.04.

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Losers led gainers 139 to 116 with 164 unchanged, 1,490 counters untraded and 51 suspended.

Volume stood at 169.17 million units valued at RM95.12 million.

The physical price of gold as at 9.30am stood at RM158.02 per gramme, down 35 sen from RM158.37 at 5.00pm yesterday. — Bernama