Bursa opens easier following Wall St sell-off

TheEdge Wed, Feb 14, 2024 09:40am - 2 months View Original

KUALA LUMPUR (Feb 14): Bursa Malaysia pared Tuesyday’s gains in early trade on Wednesday, mirroring the overnight performance on Wall Street, which tumbled in the wake of a US consumer inflation reading that exceeded expectations, and increased the uncertainty over early rate cuts.

At 9.05am, the FBM KLCI had declined 3.46 points to 1,527.91, from Tuesday's close at 1,531.37.

The barometer index opened 3.58 points easier at 1,527.79. 

On the broader market, losers led gainers at 238 to 67, while 208 counters were unchanged, 1,787 untraded, and 10 others suspended.

Turnover amounted to 128.9 million units worth RM46.44 million.

Wall Street tumbled following a higher-than-expected consumer inflation reading for January, raising the uncertainty of early rate cuts. 

The Dow Jones Industrial Average dropped 1.35% to end at 38,272.75, Nasdaq eased 1.80% to close at 15,655.60, and S&P 500 eased 1.37% to finish at 4,953.17.

Rakuten Trade head of research Kenny Yee said the KLCI surged past the 1,520-point mark with ease, as it closed above the 1,530 level on Tuesday, attributed to the continuous buying of blue chips by foreign funds.

“Though the daily volume remains low, we believe if such accumulation of blue chips is sustained, the improving liquidity will cascade into the smaller-caps, hence enticing retailers back into action,” he said in a note.

He also said that the key index is anticipated to hover within the 1,525-1,535 range on Wednesday, as sentiment may have turned cautious, no thanks to Wall Street’s performance overnight.

Among the heavyweights, Malayan Banking Bhd (Maybank) lost four sen to RM9.40 a share, Public Bank Bhd eased one sen to RM4.39, CIMB Group Holdings Bhd fell five sen to RM6.29, Tenaga Nasional Bhd trimmed four sen to RM11.04, and Petronas Chemicals Group Bhd shed one sen to RM6.83.

As for the actives, Bintai Kinden Corp Bhd was flat at 7.5 sen, Widad Group Bhd was half a sen easier at 12.5 sen, YNH Property Bhd added one sen to 68.5 sen, and the Tanco Holdings Bhd warrant was flat at 29.5 sen.

On the index board, the FBM Emas Index dropped 25.97 points to 11,348.03, the FBMT 100 Index edged down 24.59 points to 11,005.20, the FBM 70 Index retreated 32.93 points to 15,301.38, the FBM Emas Shariah Index lost 22.52 points to 11,390.12, and the FBM ACE Index erased 26.50 points to 4,807.02.  

Sector-wise, the Property Index inched dropped 4.45 points to 923.11, the Plantation Index declined 12.82 points to 7,263.81, and the Energy Index slipped 0.70 of a point to 890.70.

The Financial Services Index fell 39.85 points to 17,108.41, and the Industrial Products and Services Index reduced 0.23 of a point to 174.53. 

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