Bursa opens lower as geopolitical risks, oil prices weigh on sentiment

Bursa Malaysia opened lower on Tuesday, influenced by geopolitical concerns and rising oil prices that negatively impacted market sentiment. The FTSE Bursa Malaysia KLCI index declined 6.21 points, or 0.38%, to 1,611.80 from its previous closing of 1,618.01. The index started the day 1.39 points lower at 1,616.62. In contrast, the broader market saw more losses than gains, with 293 stocks declining and 125 gaining, while 274 remained unchanged.

A total of 2,134 stocks were untraded, and 21 were suspended. Turnover amounted to 263.66 million units, valued at RM130.24 million. Wall Street and Asian markets closed mixed on Monday due to increasing oil prices following an attack on Riyadh's international airport and as investors awaited US third-quarter earnings season. Ongoing geopolitical uncertainties and the resurgence of oil prices were expected to further weigh on the local bourse, with investors remaining cautious about companies that could benefit from the upcoming Budget 2027.

Among the notable performers, Petronas Chemicals rose two sen to RM4.27, Maybank increased by one sen to RM9.96, and PPB jumped six sen to RM9.10. In contrast, stocks like Nestle held steady at RM91.10, while IOI Corporation slipped by one sen to RM4.56. Active trades included Zetrix AI and SLGC, which remained flat. JAKS Resources, Land & General, and Mestron showed slight declines.

The top gainers comprised Critical, Hengyuan Refining, and MN Holdings, while Petronas Dagangan, UMS, and MI Technovation were among the top losers. Sector-wise, the Financial Services Index fell by 30.99 points, the Industrial Products and Services Index dropped by 1.45 points, and the Plantation Index decreased by 7.04 points. Conversely, the Energy Index marginally rose by 0.85 points.