KUALA LUMPUR, July 22 — Bursa Malaysia opened easier today prompted by the weak performance on Wall Street last night.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.25 points easier at 1,654.29 after opening 1.41 points lower at 1,656.13.

Market breadth was negative with decliners outpacing gainers 137 to 50 while 145 counters were unchanged, 1,369 untraded and 19 others suspended.

Turnover stood at 47.27 million shares worth RM19.94 million.   

Dealers said the decline in overnight global oil prices on worries about persisting global supply glut as well as the weaker ringgit also dampened investor sentiment.

The benchmark Brent crude oil settled down 97 cents, or 2.06 per cent, at US$46.20 per barrel while US crude was down US$1, or 2.19 per cent, at US$44.75 per barrel.  

"Having encountered strong selling pressure near the 1,676 hurdle on July 19-20, 2016, market participants with stock positions had decided to change their game play to selling instead of holding onto their stock positions.

"This selling activity created an imbalance in the market, tilting the supply and demand relationship and resulting in a downward move which took the market down,” Alliance DBS Research said in a note.

It said following the down close yesterday due to selling pressure, the FBMKLCI is expected to trade below 1,657.54 for today. 

The FBM Emas Index declined 23.51 points to 11,574.04, the FBMT 100 Index fell 24.96 points to 11,270.68, and the FBM Emas Shariah Index depreciated 21.40 points to 12,168.89.

The FBM 70 shed 33.58 points to 13,132.77, but the FBM Ace was 1.58 points higher at 5,402.11.

Sector-wise, the Finance Index trimmed 18.30 points to 14,131.46, the Plantation Index slid 5.18 points to 7,577.92 and the Industrial Index eased 4.24 points to 3,139.81.

Among heavyweights, TNB and Petronas Chemicals were flat at RM14.26 and RM6.60 respectively, Maybank and IHH Healthcare was down one sen each to RM8.01 and RM6.47 respectively and Pulic Bank slid four sen to RM19.42.

Of the top losers, BAT fell 34 sen to RM54.42, PPB declined 12 sen to RM16, while Genting and Nestle dropped 10 sen each to RM8.58 and RM79.50 respectively. — Bernama