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Bursa expected to hover between 1,425 and 1,440 today

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Analyst projects some selling pressure on oil & gas stocks as Brent crude oil price falls.

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Free Malaysia Today

KUALA LUMPUR:
An analyst expects the FTSE Bursa Malaysia KLCI (FBM KLCI) to trend within the range of 1,425-1440 today.

“We are cautiously optimistic about the local market in the near term due to support from local institutional and returning foreign funds,” said Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng.

He added that the local bourse may see some selling pressure on oil & gas stocks as Brent crude oil fell to US$76.60 (RM340.10) per barrel.

Thong said that Wall Street closed flat overnight ahead of the US inflation report tomorrow with the Dow Jones slipping 56 points while the S&P 500 and Nasdaq barely moved.

Bursa Malaysia opened lower today as profit-taking activities emerged in selected heavyweight stocks amid the cautious sentiment in regional markets after a flattish performance on Wall Street overnight.

At 9.10am, the FBM KLCI fell 3.02 points to 1,430.72 from yesterday’s close of 1,433.74.

The benchmark index opened 2.16 points weaker at 1,431.58.

In the broader market, decliners surpassed gainers 220 to 107, while 230 counters were unchanged, 1,685 untraded, and 21 others suspended.

Turnover stood at 285.98 million units worth RM144.17 million.

Of the heavyweight counters, Maybank, Public Bank, and CIMB Bank fell 1 sen each to RM8.75, RM4.0, and RM5.15, respectively. Petronas slid 3 sen to RM7.14 while Tenaga Nasional was 2 sen lower at RM9.03.

Among the actives, ACE Market debutant Autocount rose 68 sen to RM1.01, Salutica added 5.5 sen to 98 sen and Icon and Vinvest were 0.5 sen higher at 9.0 sen and 20.5 sen, respectively.

Hong Seng and Fitters slipped 0.5 sen each to 11.5 sen and 0.5 sen, respectively.

On the index board, the FBM Emas Index slipped 22.68 points to 10,443.83, the FBMT 100 Index edged down 23.43 points to 10,137.33 and the FBM Emas Shariah Index declined 23.61 points to 10,734.25.

The FBM ACE Index was 5.90 points lower at 5,116.31 and the FBM 70 Index trimmed 39.64 points to 13,400.36.

Sector-wise, the industrial products and services index edged down 0.10 point to 170.23, the financial services index weakened 25.04 points to 15,725.75 and the energy index eased 4.33 points to 835.99.

The plantation index rose 2.82 points to 6,831.38.

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