Bursa Malaysia started trading early in the week with a withering opening due to the massive sell-off experienced recently in addition to bargain-hunting activity expected to appear on the banking, telecommunications and healthcare counters.
At 9am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was down 8.14 points at 1,496.30 from Friday's close of 1,504.44.
The index opened 2.83 points lower at 1,501.61.
In the broader market, losers at 323 outnumbered gainers at 137, while 249 counters were unchanged, 1,619 untraded and 17 suspended.
Total revenue at 248.13 million units worth RM143.43 million.
Rakuten Trade Vice President Thong Pak Leng commented, the market is expected to recover towards the end of the session and the KLCI may move in the 1,500-1,515 range.
The note also touched on that strong corporate earnings reports in the banking sector, plantations, real estate investment trusts and selected manufacturing entities will drive buying interest.
Heavyweight stocks saw Malayan Banking Bhd (Maybank) lose 4 sen to RM8.88 and Petronas Chemicals Group Bhd shed 4 sen to RM8.70 while Public Bank Bhd fell 2 sen to RM4.59 and IHH Healthcare Bhd fell 2 sen to RM6. 39.
Active stocks saw Cnergenz Bhd gain 5.5 sen to 94 sen and Agmo Holdings Bhd gain 0.5 sen to 81.5 sen while CSH Alliance Bhd lost 0.5 sen to 4 sen and LGMS Bhd weakened 2 sen to RM1.08.
On the index board, the FBM Emas index decreased by 54.27 points at 10,625.61, the FBMT 100 index decreased by 54.25 points at 10,369.01, the FBM Emas Shariah index decreased by 49.47 points at 10,766.12, the FBM 70 lost 57.90 points at 12,729.54 and the FBM ACE dropped 50.53 points at 15,936.
In terms of sectors, the Financial Services index decreased by 94.87 points at 16,658.11, the Plantation index decreased by 9.40 points at 7,237.84, the Energy index decreased by 0.02 points at 671.33 and the Products and Services index fell by 1 point at 182.74.
