KUALA LUMPUR, June 2 — Share prices on Bursa Malaysia opened lower for the fourth consecutive day on continued selling activity in selected heavyweights, dealers said.

At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.68 points easier at 1,624.82 after opening 0.67 of a point weaker at 1,625.83. 

It closed 0.50 of a point higher at 1,626.50 yesterday.

Maybank Investment Bank maintained its defensive stance for the index in terms of equity positioning but foreseeS several potential developments that may provide opportunities. 

“We continue to favour the construction sector and we expect the El-Nino induced crude palm oil price rally to persist into June/July. 

“Details on telco spectrum fees may induce a relief, depending on the amount. And, potential overnight policy rate cut may provide a relief to the broad-based consumer sector, but negative for the banks and ringgit,” it said in a research note today.

The FBM Emas Index slipped 8.42 points to 11,383.03, the FBMT100 Index declined 9.11 points to 11,076.45 and the FBM Emas Shariah Index decreased 15.77 points to 11,918.46.

The FBM 70 shed 2.47 points to 12,914.80 but the FBM Ace was 3.97 points lower at 5,485.47.

Sector-wise, the Finance Index rose 7.38 points to 14,161.95 while the Industrial Index dipped 14.45 points to 3,081.71 and the Plantation Index fell 1.24 points to 7,422.43.

Market breadth, however, was slightly higher with 102 losers and 98 gainers while 145 counters were unchanged, 1,366 untraded and 15 others were suspended.

Turnover stood at 62.40 million shares worth RM32.12 million.

Among heavyweights, Maybank gave up three sen to RM8.20, TNB slipped four sen to RM13.92, Public Bank advanced six sen to RM18.98 and Petronas Chemicals was flat at RM6.58.

Of actives, AE Multi Holdings earned half-a-sen to 15 sen, Silk Holdings improved one sen to 47 sen, AirAsia gained five sen to RM2.37 while O&C Resources declined two sen to 63 sen. — Bernama