Bursa retreats after opening higher on selling pressure

KUALA LUMPUR: The Bursa Malaysia opened higher on Wednesday but quickly retreated due to selling pressure in selected heavyweight counters. The FTSE Bursa Malaysia KLCI eased 3.68 points to 1,629.67 from Tuesday's close of 1,633.35. At 9.11am, the index was 0.19 points higher at 1,633.54. Despite 221 gainers outpacing 180 decliners, the broader market saw 306 counters remain unchanged, 2,083 untraded, and 13 suspended.

Turnover was 327.37 million units worth RM150.56 million. Key counters like Hong Leong Bank, CIMB, and Press Metal Aluminium contributed to the decline, collectively pulling down the composite index by 7.23 points. Rakuten Trade Sdn Bhd's equity research vice-president, Thong Pak Leng, attributed the market's performance to Wall Street's positive momentum, despite elevated US 10-year yield and Brent prices.

Thong anticipates bargain-hunting and consolidation within the 1,630-1,640 range. Other heavyweights like AMMB, Petronas Gas, and Mr D.I.Y. also experienced slight declines. However, sectors like Industrial Products and Services, Energy, and Financial Services showed mixed gains and losses.