KUALA LUMPUR (Dec 15): Bursa Malaysia retreated to open lower on Thursday (Dec 15) as cautious sentiments persisted, after the US Federal Reserve (Fed) announced a hawkish move regarding the interest rate, an analyst said.

At 9.10am, the benchmark FBM KLCI had declined by 0.46% or 6.81 points to 1,476.36, from Wednesday's closing at 1,483.17.

The market bellwether opened 1.39 points lower at 1,481.78.

On the broader market, decliners edged past gainers 153 versus 143, while 223 counters were unchanged, 1,754 untraded and 41 others suspended.

Turnover stood at 137.53 million units worth RM57.63 million.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said Wall Street closed in negative territory, as traders absorbed the Fed's statement that there will be more rate hikes ahead to fight inflation.

On the home front, he said the sentiment on the local bourse may turn cautious, as investors await further guidance following Wall Street’s weakness.

“However, stock accumulation is expected to continue, hence we anticipate the KLCI to trend between 1,475 and 1,490, with oil and gas stocks remaining in the limelight," he told Bernama.

Among the heavyweights, three financial stocks were down by four sen, with Malayan Banking Bhd (Maybank) at RM8.73, Public Bank Bhd at RM4.40 and CIMB Group Holdings Bhd at RM5.79, Petronas Chemicals Group Bhd fell by three sen to RM8.47, and Tenaga Nasional Bhd (TNB) trimmed seven sen to RM9.27.

Of the actives, NWP Holdings Bhd added half a sen to 21 sen, Nylex (Malaysia) Bhd gained five sen to 26.5 sen, and Lay Hong Bhd inched up one sen to 28 sen, while Jade Marvel Group Bhd lost one sen to 35 sen and Iris Corp Bhd dropped half a sen to 13.5 sen.

On the index board, the FBM Emas Index contracted 37.21 points to 10,615.50, the FBMT 100 Index shed 39.90 points to 10,316.72, the FBM Emas Shariah Index was 34.59 points weaker at 10,748.32, the FBM 70 Index slipped 19.40 points to 13,011.13, and the FBM ACE Index eased 18.56 points to 5,492.43.  

Sector-wise, the Financial Services Index was 52.52 points lower at 16,617.05, the Plantation Index lost 14.59 points to 6,726.30, and the Industrial Products and Services Index decreased by 0.12 of a point to 181.26, while the Energy Index added 3.37 points to 798.73.