Bursa opens lower on rising oil prices, US bond yields
Bursa Malaysia’s key index opened lower on Tuesday, tracking weaker Wall Street performance overnight as rising crude oil prices and US bond yields weighed on sentiment.
At 9.10am, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 7.22 points, or 0.43%, to 1,662.80 from Monday’s close of 1,670.02. The index opened 5.91 points lower at 1,664.11.
Market breadth was negative, with decliners outnumbering gainers 210 to 119. A total of 308 counters were unchanged, while 2,254 were untraded and 143 suspended.
Turnover stood at 173.79 million shares worth RM62.81 million.
Oil prices have been volatile after US president Donald Trump rejected an Iranian proposal to end their conflict, leading to a spike in crude prices that revived inflation worries and drove US Treasury yields higher. At the time of writing, the benchmark Brent crude oil rose 1.10% to US$106.29 per barrel.
On the home front, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FBM KLCI continued to decline as persistent foreign selling and regional emerging-market weakness capped any recovery. “Nonetheless, the recent decline may attract selective bargain hunting in banking, energy and oversold blue-chip stocks. Thus, we expect cautious trading, with the index hovering within the 1,660-1,675 range today,” he noted.
Among the heavyweight stocks, Maybank rose two sen to RM10.18, while Public Bank eased one sen to RM4.78, and CIMB fell six sen to RM7.93. Tenaga Nasional added four sen to RM12.94 and IHH Healthcare lost four sen to RM7.91.
In active trade, Zetrix AI dropped one sen to 18 sen, Jaks Resources recouped half a sen to 19 sen, and Ni Hsin inched down half a sen to 38.5 sen. Es Sunlogy was flat at 46.5 sen, and United Asiapac Energy climbed one sen to 25 sen.
Among the top gainers, Malaysian Pacific Industries was 30 sen higher at RM42.50, Petronas Gas gained 26 sen to RM17.56, and Fraser & Neave bounced 18 sen to RM22.40. KKB Engineering surged 11 sen to RM1.25 and Panasonic Manufacturing Asia climbed 10 sen to RM5.35.
Kuala Lumpur Kepong was the biggest loser, falling 44 sen to RM22.16 while Allianz Malaysia shed 30 sen to RM20.80, and United Plantations edged down eight sen to RM31.52.
Press Metal Aluminium and Hong Leong Financial both erased six sen to RM7.46 and RM18.84, respectively.
On the index board, the FBM Mid 70 Index cut 49.18 points to 17,638.58, the FBM Emas Index eased 45.07 points to 12,369.72, and the FBM Top 100 Index reduced 47.97 points to 12,158.98.
The FBM Emas Shariah Index slid 54.53 points to 12,187.79, and the FBM ACE Index trimmed 14.19 points to 5,476.42.
Sector-wise, the Industrial Products and Services Index slipped 0.49 points to 182.31, while the Energy Index gave up 1.67 points to 860.15. The Financial Services Index lost 26.91 points to 19,571.47, while the Plantation Index cut 35.05 points to 9,183.44.
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