corporate

Bursa Malaysia opens lower amid bearish Wall Street

KUALA LUMPUR: Bursa Malaysia started the day lower on Friday, reflecting Wall Street's decline as traders reacted negatively to September's consumer price index (CPI) figure.

By 9.22am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 0.06 per cent, dropping 1.04 points to 1,639.90, down from Thursday's closing of 1,640.94.

The broader market also showed weakness, with losers outnumbering gainers by 252 to 194, while 370 counters remained unchanged.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said news that Public Bank Bhd is acquiring LPI Capital Bhd at a 25 per cent discount to its pre-suspension price of RM13 via cash bodes well for the bank.

He said the purchase is earnings accretive minus the dilutive impact to shareholders.  

"As such, we may see some buying in Public Bank which accounts for more than 8.0 per cent weighting on the FBM KLCI hence expect the index to hover within the 1,640-1,650 range today," Thong said.

Most Popular
Related Article
Says Stories