Bursa opens slightly higher but falls thereafter

Bursa Malaysia's FTSE Bursa Malaysia KLCI index opened slightly higher on Monday but subsequently fell, as market sentiment suffered due to Wall Street's weaker overnight performance. The index slipped 3.43 points, or 0.21%, to 1,608.13 from its Friday close of 1,611.56. Despite opening 0.44 points higher at 1,612.00, the day's trading saw more losers than gainers, with 224 stocks losing value and 117 gaining.

The turnover totaled 171.85 million units, worth RM64.49 million. Rakuten Trade Sdn Bhd's equity research head, Thong Pak Leng, attributed the Wall Street's decline to crude oil prices breaching US$115 per barrel, triggered by concerns over escalating tensions in the Middle East. Early trading saw the KLCI maintain its climb above 1,610, but volatility persisted due to seller presence amid bargain hunting activities.

The index is expected to stay within the 1,605-1,615 range due to anticipated muted trading. Among heavyweight stocks, Maybank, Public Bank, and Tenaga Nasional all saw slight declines, while CIMB and IHH Healthcare remained flat. Other notable movements included Zetrix AI remaining unchanged, Ni Hsin slipping, and Axteria gaining.

Among top gainers, Mulpha International led with a 14-sen increase, followed by Tomei and Amway each adding eight sen. Notable losers included Kuala Lumpur Kepong, YTL Power, Hup Consolidated, and Hong Leong Bank. The FBM Emas Index dropped 20.14 points to 11,973.31, while the FBM Top 100 Index fell 20.94 points to 11,776.67. The FBM Mid 70 Index decreased 13.09 points to 17,157.24, and the FBM Emas Shariah Index fell 8.68 points to 11,934.89.

The Financial Services Index slipped the most, 50.16 points, to 18,604.16, while the Plantation Index declined 33.06 points to 8,644.42.