Bursa holds steady as Eurozone worries give regional markets shaky start

KUALA LUMPUR: Some worries over the Eurozone raised investor caution on Wedneday as Italy's government borrowing cost rose to the highest level since 2014, prompting a dispute with Brussels over spending plans.

Asia opened weaker with Japan's Nikkei slipping 0.4% and South Korea's Kospi falling 1.25%.

At 9.10am, the FBM KLCI held firm to the previous session's close at 1,798.20. There were 169.73 million shares traded valued at RM66.81mil. There were 160 gainers versus 78 decliners and 203 counters unchanged.

Most actively traded counters included Fitters rising 1.5 sen to 42 sen, Key Asic losing 1.5 sen to 19 sen and Hibiscus rising two sen to RM1.30.

Among the top gainers, KESM rose 18 sen to RM15.20, Hengyuan gained 16 sen to RM6.96 and Petrason Gas added 10 sen to RM19.08. 

Some heavyweights were on the decline in early trade including Nestle, shaving 60 sen to RM145.90, KLK dropping 24 sen to RM24.76 and Press Metal dipping five sen to RM4.80.

Maybank lost three sen to RM9.71 and IOI slid three sen to RM4.53.

Oil prices dipped on Wednesday, weighed down by a report of rising US crude inventories and an expected increase in production. Despite this, prices remain near four-year highs reached earlier this week ahead of US sanctions against Iran's oil exports that kick in next month, Reuters reported.

Brent crude oil futures were trading at US$84.73 per barrel, down seven cents from their last close. US West Texas Intermediate (WTI) crude futures were down 10 cents at US$75.13 a barrel.