Bursa Malaysia opened lower this morning due to concerns over the 2021 Budget approval voting session this Thursday.
At 9.17am, the benchmark index of the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 3.75 points to 1,593.73 from 1,597.48 when it closed yesterday.
According to Bernama, the profit and loss counters were 322 and 388 respectively while 409 counters were unchanged, 1,257 untraded and 24 others suspended.
Turnover stood at 1.62 billion worth RM785.67 million.
Malacca Securities in a research note today said the FBM KLCI was trading under unfavorable conditions as the key index was re-tested at a psychological level of 1,600.
"Given the absence of buying activities, we think the local bourse will be ready for further strengthening," he said.
He added that at the same time, the uncertain atmosphere over the 2021 Budget approval voting session also caused investors to be vigilant.
Meanwhile, the energy sector emerged as the best performing sector when it opened as Brent crude rose to its highest level in eight months following global confidence.
Bloomberg reports global oil prices have reached their highest level since March due to expectations of vaccine implementation in recent weeks that reflect fuel consumption projections.
Brent crude oil futures increased 2.5 percent in London following a broader market increase after AstraZeneca Plc became the latest company to announce a vaccine that protects most people.
"Treatment prospects are beginning to reshape the oil futures curve with some prices in the near future rising again over the next date, an increase structure known as a deferred delivery charge that signals investors to expect supply and supply to return to balance," he said.
At 9.30am, Brent crude was priced at US $ 46.03 a barrel.
On Bursa Malaysia, the heavyweights of Top Glove led the losers when it declined 43 sen to RM6.92 following news of the temporary closure of its factory when workers infected Covid-19.
This was followed by Petronas Dagangan which fell 92 sen to RM21.18 and Hap Seng Consolidated which fell 13 sen to RM8.36.
Among active stocks, Pegasus Heights was flat at 30 sen, Vivocom declined 23 sen to 99 sen and P A resources declined 1.5 sen to 13.5 sen.
On the index board, the FBM Gold Index was down 21.80 points to 11,468.87, the FBMT 100 Index was down 22.80 points to 11,468.87, the FBM Gold Shariah Index was down 58.14 points to 13,211.50 and the FBM 70 was down 15.42 points to 14,761.15.
FBM Ace was down 109.97 points to 10,960.84, the Industrial Products and Services Index was down 0.48 points to 159.40, the Plantation Index was down 0.29 points to 7,341.07, while the Financial Services Index was up 64.23 points from 14,034.97.
