KUALA LUMPUR (Sept 26): Bursa Malaysia opened 5.71 points lower on Monday morning (Sept 26), tracking Wall Street’s weak performance last Friday.

At 9.05am, the benchmark FBM KLCI had declined to 1,419.27, from last Friday's close at 1,424.98. 

The benchmark index opened 1.15 points easier at 1,423.83. 

Market breadth was negative, with decliners thumping advancers 294 to 69, while 194 counters were unchanged, 1,840 untraded and nine others suspended.

Turnover stood at 154.4 million units worth RM54.99 million

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said with the local bourse now in oversold territory, he reckoned that the KLCI would stage a rebound anytime soon, hence he expects it to trend within the 1,420 to 1,435 range on Monday.

“Bargain-hunting may emerge among technology and telecommunications-related stocks following last Friday’s selldown.

“However, oil and gas counters may see some selling pressure, as the Brent crude dipped to US$86 per barrel on global recession concerns,” he told Bernama.

Among the heavyweights, Petronas Gas Bhd jumped 12 sen to RM16.54, MISC Bhd was flat at RM6.94, Malayan Banking Bhd (Maybank) stood at RM8.67 and Tenaga Nasional Bhd (TNB) at RM8.68 after easing two sen each, whereas Public Bank Bhd was at RM4.33 and CIMB Group Holdings Bhd at RM5.38 after slipping one sen each.

Petronas Chemicals Group Bhd shed seven sen to RM8.28, and Hong Leong Bank Bhd reduced 18 sen to RM20.50.  

Of the actives, Aimflex Bhd edged up half a sen to 15.5 sen and HB Global Ltd rose 1.5 sen to 12 sen, while MAG Holdings Bhd was flat at 17.5 sen, MQ Technology Bhd inched down half a sen to three sen, and Velesto Energy Bhd dropped half a sen to 12.5 sen. 

On the index board, the FBM Emas Index slipped 35.65 points to 10,161.73, the FBM 70 weakened 59.78 points to 12,372.01, the FBMT 100 Index lost 41.70 points to 9,891.92, the FBM Emas Shariah Index decreased 42.20 points to 10,196.0, and the FBM ACE gave up 45.98 points to 4,720.65. 

Sector-wise, the Energy Index was 15.68 points easier at 696.96, the Plantation Index went down 2.72 points to 6,761.99, the Financial Services Index contracted 36.64 points to 16,231.93, and the Industrial Products and Services Index edged down 1.55 points to 170.65.