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Bursa Malaysia Opens Lower, Tracking Wall St Fall
Last update: 03/04/2024

KUALA LUMPUR, April 3 (Bernama) -- Bursa Malaysia was lower at the opening on Wednesday, tracking Wall Street’s fall overnight. 

At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.11 points weaker at 1,545.88 from Tuesday’s close of 1,547.99.  The benchmark index opened 0.70 of a point lower at 1,547.29.

On the broader market, decliners outpaced gainers 193 to 132 with 315 counters unchanged, 1,654 untraded, and 13 others suspended.

Turnover amounted to 161.31 million units worth RM58.98 million.

Malacca Securities Sdn Bhd said Wall Street closed in negative territory overnight with the US 10-year yield rising to a four-month high as traders could be pricing in a delay in the cutting of US interest rates.

The brokerage said although US stock markets ended weaker, sentiment on the local front may stay positive with the recovery tone of China’s Purchasing Managers' Index (PMI) which came in at 50.8 versus a forecast of 50.1.

For today, it expects the broader market to stay positive. It said traders could focus on commodity-related stocks within the oil and gas, plantation, and gold sectors, given their stronger underlying commodity prices.

“Meanwhile, we like selected technology stocks as we believe the sequential recovery could be seen soon. Besides, catalysts within the data centre sector could bode well for power distribution and cable and network segments,” said Malacca Securities.

Technically, it said the resistance is envisaged around 1,560-1,565 and support at 1,525-1,530.

Among heavyweight stocks, Maybank and Tenaga eased 2.0 sen each to RM9.71 and RM11.42, respectively. Public Bank, Petronas Chemicals and IHH Healthcare were all flat at RM4.23, RM6.74 and RM6.08, respectively, while CIMB dropped 1.0 sen to RM6.65. 

Among the most active, Zen Tech added 1.0 sen to 2.5 sen, NCT grew 2.5 sen to 53.5 sen and Appasia rose half-a-sen to 11 sen. Vsolar declined 1.0 sen to 11 sen and AWC surged 12.5 sen to 79 sen. 

On the index board, the FBM Emas Index was 8.76 points lower at 11,631.70, the FBMT 100 Index trimmed 9.06 points to 11,271.87 and the FBM Emas Shariah Index shed 5.71 points to 11,728.24.

The FBM 70 Index increased 13.01 points to 16,241.65 and the FBM ACE Index improved 9.71 points to 4,957.51.

Sector-wise, the Financial Services Index weakened by 18.95 points to 17,341.48, the Industrial Products and Services Index shaved 0.01 of-a-point to 179.83, but the Energy Index added 1.89 points to 958.81 and the Plantation Index climbed 3.93 points to 7,314.58. 





100 Yen3.7752/7805
Source: Bank Negara Malaysia

Reduction in the overnight policy rate (OPR) by Bank Negara Malaysia would be good for consumer spending and investment;
Not sure
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