Malaysian stocks open lower as banks and utilities retreat
The FBM KLCI approached 1,600 points after Wall Street losses, while stronger US inflation prompted renewed concern over interest rates.
Banking and utility heavyweights pulled Malaysia’s FBM KLCI lower on November 11, with the benchmark reaching 1,600.13 at 9.10am. That represented a 3.94-point decline from the previous close of 1,604.07, following a fall on Wall Street.
Trading began at 1,602.05, down 2.02 points. Declines across Bursa Malaysia numbered 145, compared with 136 advances and 260 unchanged counters. Shares traded totalled 271.32 million units, with a value of RM84.19 million.
Media reports put October’s monthly increase in the US Consumer Price Index at 0.4 per cent, against a consensus estimate of 0.3 per cent. Thong Pak Leng, vice-president of equity research at Rakuten Trade Sdn Bhd, said the unexpectedly strong reading made a December rate increase more likely.
Tenaga Nasional traded at RM13.02 after losing 16 sen, while CIMB’s six-sen decline took it to RM7.02. Maybank slipped four sen, reaching RM10.02. In contrast, IHH Healthcare advanced 15 sen to RM7.89, and Public Bank’s two-sen rise lifted it to RM4.70.
ACE Market newcomer SKA Capital gained 13.5 sen to trade at 56.5 sen. Elsewhere, Nestle rose 56 sen, reaching RM95.56, while United Plantation’s 22-sen drop took it to RM30.18. Financial services and plantation indices declined, while the energy and industrial products and services indices advanced.
