KUALA LUMPUR (Jan 26): Bursa Malaysia opened lower on Thursday (Jan 26), trading in cautious mode, following the lacklustre performance on Wall Street overnight. 

In the US, stocks ended flat overnight, as investors assessed the latest batch of corporate results and ahead of the release of critical economic data, dealers said.

At 9.07am, the benchmark FBM KLCI had shed 2.66 points to 1,496.79, from Wednesday’s close at 1,499.45.

The market bellwether opened 2.04 points lower at 1,497.41.

In the broader market, gainers led decliners 170 to 127, while 244 counters were unchanged, 1,689 untraded, and 37 others suspended.

Turnover amounted to 160.20 million units worth RM69.25 million.

Malacca Securities Sdn Bhd said the KLCI had failed to build onto the positive momentum from the pre-Chinese New Year moves, as the key index lost ground on quick profit-taking activities.

"Still, we are banking on the recovery theme from China, which will boost the KLCI above the 1,500-point level, while the lower liners may continue to capitalise on the improved trading environment and enjoy further rotational play.

"Globally, the focus will shift to the preliminary reading of the US' fourth quarter of 2022 gross domestic product data tonight (later on Thursday)," it shared.

Commodities-wise, it noted that Brent crude oil had edged slightly higher to stay above US$86 per barrel, but the crude palm oil price slipped below RM3,800 a tonne on further profit-taking activities.

Thus, it said, the energy sector is expected to stay in focus, on the back of firm oil prices and amid China’s recovery, while investors wait for the Organization of the Petroleum Exporting Countries (OPEC) meeting on Feb 1 for market direction.

"Meanwhile, the record-high automotive total industry volume registered in 2022 may lift automotive-related stocks. On the flip side, the financial services sector may undergo a consolidation, following a pause in overnight policy rate hikes by Bank Negara Malaysia," it added.

Among the heavyweights, Petronas Chemicals Group Bhd slid three sen to RM8.47 a share, CIMB Group Holdings Bhd eased one sen to RM5.77, and Tenaga Nasional Bhd fell five sen to RM9.47, while Malayan Banking Bhd (Maybank) was unchanged at RM8.81, and Public Bank Bhd was flat at RM4.29.

As for the actives, Niche Capital Emas Holdings Bhd added two sen to 16.5 sen, Cypark Resources Bhd gained 3.5 sen to 87.5 sen, Dataprep Holdings Bhd improved one sen to 27.5 sen, JHM Consolidation Bhd rose 5.5 sen to 94.5 sen, and Leform Bhd bagged 1.5 sen to 23 sen.

On the index board, the FBM Emas Index lost 11.55 points to 10,857.25, the FBMT 100 Index retreated 14.73 points to 10,534.31, and the FBM Emas Shariah Index slipped 16.51 points to 11,095.45.

The FBM 70 Index shaved 1.75 points to 13,617.12, while the FBM ACE Index increased 8.45 points to 5,635.55.  

Sector-wise, the Financial Services Index gave up 6.61 points to 16,535.41, the Industrial Products and Services Index trimmed 0.18 of a point to 189.67, the Energy Index eased 3.37 points to 867.06, and the Plantation Index climbed 10.28 points to 6,829.24.