KUALA LUMPUR: Bursa Malaysia extended losses from yesterday to open lower on continued selling pressure, as investor sentiment remained bearish in tracking geopolitical concerns over Turkey, dealers said.
At 9.06 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 4.37 points easier at 1,778.97 from Monday's close of 1,783.34.
The index opened 3.55 points lower at 1,779.79.
On the broader market, gainers marginally led losers 105 to 94 with 182 unchanged, 1,502 untraded and 20 others suspended.
Volume stood at 59.76 million units valued at RM34.83 million.
The weaker opening of Bursa Malaysia was also in line with the overnight fall of the US and European stock markets as the pledge by Turkey's central bank to stabilise the drop in the lira failed to calm the nerves of investors.
It was reported that the lira had dropped over 40 per cent against the US greenback since the start of this year.
Meanwhile, in a note today, Public Investment Bank Bhd said the FBM KLCI is expected to experience a moderate pullback above the support level of 1,762, which is deemed healthy should the dampened sentiment persist.
“Technically at this juncture, the index’s fast paced weekly moving average convergence/divergence (MACD) remains bullish, though with a weakening upward momentum. The index would be re-testing immediate supports of 1,783 and 1,762 in the near term.
"Support levels for the index are at 1,783, 1,762 and 1,743, while resistance levels are at 1,793, 1,810 and 1,830,” it said.
Among heavyweights, Maybank eased one sen to RM9.87, Public Bank fell six sen to RM24.32 and CIMB dropped three sen to RM5.86.
Tenaga and Petronas Chemicals each rose two sen to RM15.58 and RM9.11 respectively.
Of actives, Vivocom and Borneo Oil were each flat at 3.5 sen and six sen respectively, while Edaran declined one sen to 70.5 sen.
Of the top losers, Petronas Dagangan was 36 sen lower at RM26.28, KLK slid 28 sen to RM24.40 and Petronas Gas fell 24 sen to RM18.52.
IHH and Malaysia Airports (MAHB) which are directly affected by the geopolitical concerns over Turkey also continue to decline.
Shares of IHH fell 10 sen to RM5.35 and MAHB lost nine sen to RM9.24.
The FBM Emas Index slipped 21.17 points to 12,593.67, the FBMT100 Index declined 22.77 points to 12,369.57 and the FBM 70 trimmed 0.10-of-point to 15,401.49.
The FBM Emas Shariah Index eased 20.72 points to 12,736.89, but the FBM Ace was 4.88 points higher at 5,469.36.
Sector-wise, the Finance Index gave up 51.13 points to 17,446.98, the Plantation Index fell 22.26 points to 7,588.11 and the Industrial Index shed 2.85 points to 3,239.82.