Malaysia's Stock Market Opens Higher But Turns Marginally Lower Thereafter

KUALA LUMPUR, Oct 5 (Bernama) -- Malaysia's stock exchange (Bursa Malaysia) opened higher but turned marginally lower this morning dragged down by selected heavyweights including Maybank and Petronas Chemicals, dealers said. At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 0.57 point to 1,660.68 against Tuesday's close of 1,661.25, after opening 2.18 points better at 1,663.43 this morning. Gainers led losers 97 to 95 while 167 counters were unchanged, 1,299 untraded and 25 others suspended. Turnover stood at 105.79 million shares worth RM37.02 million. AllianceDBS Research in a note said both buyers and sellers displayed a conservative game yesterday, in expectation of a sideways market between 1,652 and 1,672 over the next few days. "The analysis of overall market action yesterday revealed that buying power was stronger than selling pressure. "As such, the FBM KLCI would likely trade above the 1,666.02 level today," it said. Meanwhile, RHB Retail Research in its note advised traders to maintain long positions, following its recommendation on initiating long above the 1,668-point level on Sept 23. Of the heavyweights, TNB was flat at RM14.34, Public Bank added two sen to RM19.90, Maybank fell three sen to RM7.55 and Petronas Chemicals shed six sen to RM6.64. Among actives, Perisai Petroleum Teknologi gained half-a-sen to 9.5 sen while Lion Corporation and AirAsia X each dipped half-a-sen to half-a-sen and 39.5 sen, respectively. Gainers, Nestle rose 98 sen to RM79.98, Petronas Dagangan added 22 sen to RM23.98 and Petronas Gas was 12 sen up to Rm21.96. Of the losers, UMS Holdings shed 21 sen to RM2.66, BAT eased eight sen to RM49.00 and Hong Leong decreased six sen to RM13.06. The FBM Emas Index fell 2.97 points to 11,752.93, the FBMT 100 Index slipped 3.25 points to 11,453.59 but the FBM Emas Shariah Index rose 5.66 points to 12,425.04. The FBM 70 lost 1.34 points to 13,840.18 while the Plantation Index dropped 4.78 points to 7,944.71 and the FBM Ace was 23.45 points lower at 5,212.71. The Finance Index shed 15.92 points to 14,233.92 and the Industrial Index eased 1.40 points to 3,108.85. -- BERNAMA