Bursa Malaysia eases at open as investors await fresh direction

Bursa Malaysia opened lower on Friday, mirroring a decline in Wall Street overnight. The FTSE Bursa Malaysia KLCI fell 1.07 points, or 0.06 percent, to 1,607.07 from the previous close of 1,608.14. This marked a 1.07 point decrease at 1,607.63. The broader market saw more decliners than advancers, with 205 counters falling and 71 gaining.

Thong Pak Leng, a Vice-President of Equity Research at Rakuten Trade Sdn Bhd, noted that the local bourse is perceived as undervalued at around 15 times its price-to-earnings ratio, lower than its historical average of 16.5 times. He predicted the index to remain within the 1,600-1,615 range for today. Among notable stocks, Maybank, CIMB, and IHH Healthcare remained flat, while Public Bank and Tenaga Nasional experienced slight gains and losses.

Zetrix AI and WTS Capital showed minor fluctuations, while GIIB Holdings, Kinergy Advancement, and Compugates Holdings were unchanged. MISC led the top gainers, Petronas Chemicals and MHC Plantations rose, while LPI Capital and Batu Kawan were among the top losers. The FBM Emas Index and FBM Top 100 Index also experienced declines, while the FBM Mid 70 Index and FBM Emas Shariah Index saw increases. Sector-wise, some indices experienced minor changes, while the Energy Index slightly increased.