KUALA LUMPUR, Nov 18 — Bursa Malaysia traded slightly lower at the opening today, tracking the weaker overnight Wall Street performance amid concerns that inflationary pressure may not be transitionary and an interest rate hike may come sooner than expected, said an analyst.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.29 of-a-point lower at 1,524.84 from 1,525.13 at Wednesday’s close.

The index opened 0.55 of-a-point easier at 1,524.58.

On the broader market, losers led gainers 218 to 116, while 241 counters were unchanged, 1,748 untraded and 21 others suspended.

Total volume stood at 195.73 million units worth RM79.46 million.

Malacca Securities Sdn Bhd said investors may remain cautious over the near term while awaiting more corporate earnings reports, as well as further guidance from the United States Federal Reserve (Fed) on the monetary policies going forward.

"While market players might be speculating for an earlier interest rate hike,” it said in a note today.

Meanwhile, selling pressure in oil and gas counters mounted following comments from Organisation of the Petroleum Exporting Countries chief over possible oil surplus in the near term, which contributed to the decline in oil prices overnight, but still hovering above the US$80 per barrel mark, the research firm said.

"Besides, the spike in Covid-19 cases may prompt traders to look at glove companies at least over the near term,” it added.

Among heavyweights, Maybank and Petronas Chemicals eased one sen each to RM8.06 and RM8.30, respectively, while Public Bank and IHH Healthcare were flat at RM4.05 and RM6.55, respectively.

Of the actives, WZ Satu rose 3.5 sen to 26 sen, Tanco bagged one sen to 27.5 sen, while Advance Synergy erased one sen to 12 sen and Sapura Energy was flat at 10 sen.

On the index board, the FBM Emas Index eased 6.24 points to 11,225.14, the FBMT 100 Index decreased 4.26 points to 10,897.11, the FBM Emas Shariah Index dipped 7.26 points to 12,223.28, the FBM ACE strengthened 7.65 points to 6,811.79, and the FBM 70 was 14.37 points lower at 14,811.12.    

Sector-wise, the Financial Services Index rose 3.17 points to 15,195.92, the Industrial Products and Services Index inched up 0.43 of-a-point to 198.93, and the Plantation Index bagged 18.64 points to 6,562.54. — Bernama