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KUALA LUMPUR: Bursa Malaysia pared yesterday’s gains to open lower on Wednesday, tracking losses in regional markets and a weak Wall Street close.
At 9.10am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.65 points, or 0.23%, to 1,619.85, down from Tuesday’s close of 1,623.50. The benchmark had opened 1.26 points lower at 1,622.24.
Market breadth was negative, with decliners outnumbering gainers 305 to 100. A further 292 counters were unchanged, 1,945 untraded, and eight suspended.
Turnover stood at 237.78 million shares worth RM80.22 million.
Regionally, Hong Kong’s Hang Seng Index slipped 0.79% to 25,952.40, South Korea’s Kospi Index fell 4.24% to 3,947, Japan&#8217;s Nikkei 225 dropped 2.49% to 50,216.40, while Singapore’s Straits Times Index remained unchanged at 4,422.72.
Rakuten Trade Sdn Bhd vice-president of equity research, Thong Pak Leng, said Wall Street fell on concerns over an inflated artificial intelligence (AI) valuation bubble, as traders begin to recognise AI-related stocks are overstretched and due for a pullback.
“Back home, FBM KLCI trading remains lacklustre, as illustrated by daily volume. We expect the index to hover within the 1,620–1,630 range today,” he added.
Among heavyweights, Maybank, Public Bank and IHH Healthcare were flat at RM9.95, RM4.26 and RM8.28, respectively. CIMB Group eased six sen to RM7.49, while Tenaga Nasional rose two sen to RM13.32.
On the most active list, NexG Bina added one sen to 5.5 sen, Borneo Oil and NexG remained unchanged at 0.5 sen and 28 sen, respectively. MMAG gained 0.5 sen to 14.5 sen, while Zetrix AI eased 0.5 sen to 81.5 sen.
Top gainers included Petronas Dagangan, up 16 sen to RM22.76; Westports, eight sen higher at RM5.18; United Plantations and LPI Capital, six sen each to RM25.06 and RM14.42; and Deleum, four sen higher at RM1.27.
Top losers included PJBumi, down 53 sen to RM1.24; Malaysian Pacific Industries, 44 sen lower at RM30.12; Hong Leong Financial, 14 sen down at RM21.38; KESM Industries, 12 sen lower at RM3.40; and Nestle, eased 10 sen to RM112.90.
On the index board, the FBMT 100 Index fell 29.77 points to 11,781.28, and the FBM Emas Index erased 31.12 points to 12,023.04. The FBM Emas Shariah Index lost 29.96 points to 12,025.47, the FBM ACE Index declined 17.92 points to 5,058.17, and the FBM Mid 70 Index decreased 56.38 points to 16,833.62.
By sector, the Plantation Index inched up 5.72 points to 8,030.52, while the Financial Services Index shed 38.09 points to 18,413.33. The Industrial Products and Services Index edged down 0.84 of-a-point to 169.07, and the Energy Index eased 2.90 points to 763.85.

MatchPoint Times

Bursa pares gains, opens lower amid regional losses

The main index drops 3.65 points to 1,619.85 on concerns over an inflated artificial intelligence valuation bubble.

Cleaning the house that built the shame

Asian markets pull back as stretched valuation fears jolt Wall Street