Entering the last quarter of 2022, Bursa Malaysia started trading on a negative note against the backdrop of an overnight decline on Wall Street.
According to Malacca Securities Sdn Bhd, strong US consumer spending data in August returned fears of interest rate hikes and pressured equities to continue to move weakly.
On that factor, the global market turmoil is predicted to continue with the fear of a surge in the inflation rate could lead to a recession.
Nevertheless, firms expect bargain-hunting activities to take place ahead of the presentation of Budget 2023 this week.
Meanwhile, the FTSE KLCI index (FBM KLCI) was down 3.70 points at 1,390.93 from Friday's close at 1,394.63 with a weak opening of 0.93 points at 1,393.70.
In the broader market, losses at 224 outpaced gains at 83, while 198 counters were unchanged, 1,848 untraded and 31 suspended.
Total turnover at 96.49 million units worth RM41.53 million.
Heavyweight stocks saw Maybank and Public Bank Bhd down 1 sen at RM8.57 and RM4.22, CIMB Group Holdings Bhd down 2 sen at RM5.11 and Petronas Chemicals Group Bhd up 1 sen at RM8.40 while IHH Healthcare Bhd remained at RM5.90.
Active stocks showed SNS Network Technology Bhd and Vinvest Capital Holdings Bhd up 0.5 sen at 28 sen and 20 sen while Harvest Miracle Capital Bhd added 2 sen to 12 sen while XOX shed 0.5 sen at 1.5 sen and PT Resources Holdings Bhd remained at 46 sen.
On the index board, FBM Emas was down 32.83 points at 9,944.03, FBM 70 was down 56.31 points at 12,145.50, FBMT 100 was down 30.42 points at 9,698.28, FBM Emas Shariah was down 40.96 points at 9,967.07 and FBM ACE was down 10.7 points at 4,647.17.
In terms of sectors, the Energy index fell 3.51 points at 666.67, the Financial Services index dropped 10.34 points at 15,912.11, the Products and Services index fell 0.88 points at 168.99 while the Plantation index rose 17.89 points at 6,491.65.
Meanwhile, the ringgit continued to move weakly at 4.6400/6445 against the dollar from last close at 4.6360/6390.
