KUALA LUMPUR: Bursa Malaysia reopened Wednesday after the extended break for the Chinese New year on a cautious note as sentiment was dented by the weak external markets and fall in crude oil prices as analysts expected more downside.
At 9.34am, the FBM KLCI was down 7.8 points or 0.47% to 1,654.66. Turnover was 171 million shares valued at RM82.97mil. Decliners beat advancers three to one with 260 losers to 92 gainers and 132 counters unchanged.
JF Apex Research said following the bearish sentiment in global markets, the KLCI is expected to be negative with support at 1,620.
Reuters reported US crude oil prices pushed higher in early Asian trading on Wednesday, partly recovering from a 6% drop in the previous session led by concerns over demand and weak equities.
US crude for March delivery was 47 cents higher at US$28.41 a barrel by 0113 GMT. The contract fell for a fourth-straight session on Tuesday to settle US$1.75 lower.
The front-month Brent contract was 50 cents higher at US$30.82 a barrel, after it had closed US$2.56, or 7.8%, down on Tuesday.
The ringgit weakened against the US dollar by 0.14% in early Wednesday trade to 4.1630 from 4.1570. However, year-to-date, it is up 3.13% to 4.1630 from 4.2935.
At Bursa Malaysia, Genting Bhd
fell 21 sen to RM7.75 while Genting Malaysia lost 13 sen to RM4.46. IHH healthcare was down 14 sen to RM6.46.
As for telcos, Axiata fell the most, down 19 sen to RM5.70 and DiGi 11 sen to RM4.92 but Maxis gained nine sen to RM6.18.
Apex Healthcare fell the most, down 21 sen to RM3.48 with 1,000 shares traded.
Furniture maker Latitude Tree lost 13 sen to RM6.50.
Petronas Gas and Petronas Dagangan helped reduce the impact of the selling by other index linked counters. Petronas Gas rose 66 sen to RM23.16 and Petronas Dagangan 60 sen to RM25.70.
As for consumer stocks, BAT rose RM1 to RM57.50 and Nestle 40 sen to RM74.90.
Among the plantations, PPB Group rose 38 sen to RM16.38 as worries about the levy for foreign workers seemed to have been put off.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
