KUALA LUMPUR: Bursa Malaysia opens lower on selling pressure observed in selected heavyweights despite Wall Street's uptrend overnight and positive regional market sentiments.
At the opening bell, the benchmark FBM KLCI was down 0.53 points to 1,458.9 as there was some mild profit-taking following the previous day's gains.
SPI Asset Management managing director Stephen Innes said after ending the month on a high note, Bursa stocks are opening a tad feeble.
"This is driven by a much more dovish Politburo meeting in China and the National Energy Transition Roadmap," Innes told New Straits Times.
Innes said the stocks look to be taking some profit as once again the China policy measures stopped short of direct stimulus.
"Instead, we have further "signals of support" and supply-side measures. I think this disappointed investors in Asia," he said.
Among notable movers, OM Holdings Ltd rose six sen to RM1.68, UWC Bhd added four sen to RM3.40 and Supercomnet Technologies Bhd gained three sen to RM1.37.The top actives were KGW Group Bhd up 2.5 sen to 23.5 sen, Tanco Holdings Bhd falling 0.5 sen to 54.5 sen and Hong Seng Consolidated Bhd unchanged at 6.5 sen.
As at 9.30am the broader market was also negative with losers outnumbering gainers 224 to 188 with 322 counters unchanged.
The FBM 100 was down 0.02 per cent to 10,390.88 points, FBM EMAS 0.02 per cent to 10,701.42 points, FBM HIJRA down 0.12 per cent to 11,765.40, while the FBM ACE was down 0.45 per cent to 5,306.19 points.
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