Based on the huge losses suffered by Wall Street, the local stock market also opened on a negative note today.
According to Malacca Securities Sdn Bhd, the country's equity market is seen to be reflecting a massive sell-off on Wall Street with the expectation of more aggressive interest rate hikes tarnishing the confidence of local investors.
On those factors local market sentiment may turn negative with technology counters taking the biggest sell signals on the Nasdaq while defensive stocks such as banking and consumer are preferred.
Meanwhile, the FTSE Bursa Malaysia KLCI (FBM KLCI) was down 11.08 points at 1,476.76 from Tuesday's close at 1,487.84 with a weak opening of 12.60 points at 1,475.24.
In the broader market, losses at 496 outpaced gains at 31, while 107 counters were unchanged, 1,717 untraded and 13 suspended.
Total revenue at 209.85 million units worth RM106.46 million.
Heavyweight stocks saw Malayan Banking Bhd (Maybank) and Public Bank Bhd down 1 sen at RM8.91 and RM4.51, Petronas Chemicals Group Bhd down 9 sen at RM8.62, CIMB Group Holdings Bhd down 3 sen at RM5.42 and IHH Healthcare Bhd lost 4 sen at RM6.16.
Active shares showed Velesto Energy Bhd down 1.5 sen at 10 sen, Reach Energy Bhd and Metronic Global Bhd fell 0.5 sen at 3.5 sen and 2 sen while SNS Network Technology Bhd and Aimflex Bhd shed 1 sen at 28 sen and 14.5 sen.
On the index board, FBM Emas fell 104.93 points at 10,493.33, FBMT 100 lost 97.83 points at 10,242.39, FBM Emas Shariah fell 142.91 points at 10,577.57, FBM 70 fell 205 points at 12,609.43 and FBM ACE plunged 125.62 points at 4,775.
In terms of sectors, the Energy index lost 19.22 points at 708.45, the Plantation index lost 46.99 points at 6,951.91, the Products and Services index fell 2.48 points at 180.97 and the Financial Services index dropped 63.50 points at 16,603.49.
Meanwhile, the Ringgit eased against the dollar at 4.5200/5220 from 4.5070/5085 which returned it to a new 24-year low.
