Malaysian Stock Market Easier In Early Trade

KUALA LUMPUR, Jan 16 (Bernama) -- The Malaysian stock market (Bursa Malaysia) reversed gains from Tuesday to open easier this Wednesday morning, in tandem with some regional peers, as profit taking emerged, and despite oil prices having stabilised, dealers said. At 9.05 am, the key FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.3 points weaker at 1,676.12 from Tuesday's close of 1,679.42 after opening 3.64 points lower at 1,675.78. However, on the broader market, gainers outnumbered losers 143 to 78, while 152 counters were unchanged, 1,503 untraded and 35 others suspended. Turnover amounted to 114.63 million shares worth RM52.85 million. The benchmark Brent crude rose 2.8 per cent to US$60.64 per barrel, following a surprise crude inventory draw by the American Petroleum Institute, coupled with China's positive stimulus announcement to boost its economy. While Bursa saw a pull back, some regional bourses were on an uptrend as investors took cue from the upbeat overnight performance of Wall Street. The Singapore Straits Times Index gained 0.42 per cent to 3,225.64, Hong Kong's Hang Seng Index rose 2.02 per cent to 26,830.28, but Japan's Nikkei 225 lost 0.62 per cent to 20,428.14. On Bursa, among the heavyweights, Maybank added one sen to RM9.42 and Petronas Chemicals bagged four sen to RM8.31. Public Bank fell 10 sen to RM24.88, Tenaga eased two sen to RM13.82, while CIMB was flat at RM5.67. Of actives, Fitters earned 1.5 sen to 42 sen, Prinsiptek perked three sen to 14 sen and Sapura Energy added half-a-sen to 30 sen, but FGV shed half-a-sen to 92.5 sen. The FBM Emas Index was 19.47 points lower at 11,578.91, the FBMT 100 Index decreased 20.71 points to 11,463.89, the FBM Emas Shariah Index eased 19.62 points to 11,481.7 and the FBM 70 lost 16.78 points to 13,593.77. However, the FBM Ace Index gained 4.44 points to 4,464.22. Sector-wise, the Finance Index gave up 26.08 points for 17,431.94 and the Plantation Index fell 48.29 points to 7,088.47, as the Industrial Products and Services Index improved 0.07 of-a-point to 160.97. -- BERNAMA