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Bursa opens easier on weaker Wall Street showing

KUALA LUMPUR, June 9 — Bursa Malaysia opened easier today, taking the cue from the overnight weaker performance on Wall Street, which reversed its two-day rally at the start of the week, as investors weighed economic data ahead of central bank meetings, a dealer said.

At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) inched down 0.15 of-a-point to 1,523.71 from Wednesday’s close of 1,523.86.

The benchmark index opened 0.55 of-a-point easier at 1,523.31.

On the broader market, losers led gainers 153 to 120, while 196 counters were unchanged, 1,805 untraded and 10 others suspended.

Turnover stood at 158.76 million units worth RM72.95 million.

Malacca Securities Sdn Bhd said the FBM KLCI lost ground in the final-hour selloff as investors struggled to find a floor amid concerns over elevated inflation and cost pressure.

"Given the slight negative tone on Wall Street, technology stocks will be under pressure once again and, the elevated Brent crude oil price trading above US$123, coupled with the trucker strike in South Korea, could further threaten the global supply chain disruptions and add risks to the global inflation.

"Having said that, we believe there will be positive trading activities within the recovery-themed sectors as we are transitioning to the endemic phase," it said.

Meanwhile, the brokerage firm noted that crude palm oil (CPO) is traded around RM6,450 and within its uptrend movement.

As for sector focus, it opined that the tight supply in the oil market due to unresolved Ukraine-Russia tensions and recovering demand from China will continue to support oil prices, thus benefitting the energy sector.

"Besides, we are positive on the consumer, REITs and transportation and logistics sectors," it added.

Among the heavyweights, Maybank added one sen to RM8.85, while Petronas Chemicals shed five sen to RM9.80, IHH Healthcare slid two sen to RM6.51, CIMB eased three sen to RM5.04, and Public Bank was flat at RM4.57.

Of the actives, Dynaciate improved 1.5 sen to 16 sen, Yew Lee Pacific and Metronic added 2.5 sen each to 31.5 sen and nine sen, respectively, LGMS advanced 4.5 sen to 89 sen, while Serba Dinamik was flat at 11.5 sen.

On the index board, the FBM Emas Index was 3.81 points better at 10,936.80, the FBM Emas Shariah Index added 12.95 points to 11,246.33, the FBM 70 improved 0.89 of-a-point to 13,293.0, the FBM ACE gained 6.40 points to 5,240.50, while the FBMT 100 Index eased 0.64 of-a-point at 10,621.67.

Sector-wise, the Financial Services Index slid 14.49 points to 16,564.62, the Plantation Index decreased 11.05 points to 7,800.73, and the Industrial Products and Services Index was 0.06 of-a point easier at 196.20. — Bernama