BURSA MALAYSIA EASES IN EARLY TRADE, TRACKING WALL STREET'S DECLINE OVERNIGHT

By Abdul Hamid A Rahman

KUALA LUMPUR, March 27 (Bernama) -- Bursa Malaysia was lower in the early trading session, taking its cue from Wall Street’s overnight decline, analysts said.

At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 3.47 points to 1,514.58 from Wednesday’s close of 1,518.05. The benchmark index opened 4.97 points lower at 1,513.08.  

On the broader market, decliners led gainers 206 to 101, with 235 counters unchanged, 1,927 untraded, and 160 suspended.  

Turnover stood at 117.20 million shares worth RM70.70 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said that Wall Street ended lower overnight as United States (US) President Donald Trump prepared to unveil new tariffs on auto imports to the US, escalating the global trade tensions he triggered earlier this year.

“All three major indices closed in negative territory, with the Dow Jones Industrial Average and Nasdaq retreating 0.31 per cent and 2.04 per cent, respectively, while the S&P 500 slipped 1.12 per cent,” he told Bernama.

He said that conversely, most major Asian markets closed higher, supported by gains in oil and gas, technology, and electric vehicle (EV) stocks.

Back home, Thong said that the FBM KLCI extended its upward momentum, buoyed by bargain hunting in selected heavyweights amid attractive valuations.

“We are monitoring for a breakout; in its absence, the benchmark index is likely to remain range-bound pending new catalysts.

“As such, we expect the FBM KLCI to trade within the 1,510–1,530 range today,” he added.

Among the heavyweights, Maybank added 4.0 sen to RM10.22, Tenaga Nasional climbed 6.0 sen to RM13.38, IHH Healthcare advanced 9.0 sen to RM6.90, and CIMB Group edged up 1.0 sen to RM7.05.

Meanwhile, Public Bank slipped 1.0 sen to RM4.46.

Among the actives, MBSB shed 1.5 sen to 70.5 sen and Nationgate Holdings slid 3.0 sen to RM1.31, while NEXG, Reach Energy and Ingenieur Gudang were all flat at 25.5 sen, 1.5 sen, and 3.0 sen, respectively.

On the index board, the FBM Emas Index declined 28.43 points to 11,348.89, the FBMT 100 Index slipped 26.49 points to 11,107.95, the FBM Emas Shariah Index dropped 44.30 points to 11,079.5, the FBM 70 Index fell 43.04 points to 16,275.43, and the FBM ACE Index eased 3.33 points to 4,728.50.

Sector-wise, the Industrial Products and Services Index edged down 0.50 of-a-point to 152.56, the Energy Index lost 2.22 points to 750.52, and the Plantation Index declined 3.74 points to 7,450.51.

Meanwhile, the Financial Services Index ticked up 6.71 points to 18,488.69.

-- BERNAMA