KUALA LUMPUR, Oct 24 — Bursa Malaysia opened lower today on a lack of buying support and weaker oil prices, a dealer said.

At 9.14am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.54 points lower at 1,668.44, against last Friday’s close of 1,669.98.

The index opened 1.21 points easier at 1,668.77.

However, market breadth was positive as gainers led losers 145 to 103, while 183 counters were unchanged, 1,237 untraded and 19 others suspended.

Turnover stood at 128.79 million shares worth RM54.23 million.

The dealer said the decline in global oil prices on concerns over a global supply glut dampened investor sentiment.

The benchmark Brent Crude settled 0.35 per cent lower at US$51.60 per barrel, while US Crude was down 0.4 per cent at US$50.64 per barrel.

Kenanga Research in a note said the FBM KLCI is expected to see the local bourse retrace within its range bound channel towards 1,648 today, with the next support level at 1,640.

“The FBM KLCI is expected to start off the week on a slower note given the lack of fresh excitement coming from the recent 2017 Budget announcement.

“Besides, with Wall Street showing some poor form as of late, there is a lack of inspiration to bolster investor sentiment,” it said.

The research firm said taking a look at the FBM KLCI’s daily chart, the key index is currently retesting its immediate resistance level of 1,672.

Of the heavyweights, TNB and IHH Healthcare slid two sen each to RM14.30 and RM6.40 respectively, Maybank and Public Bank were flat at RM7.69 and RM19.80, while Petronas Gas added 10 sen to RM21.84.

Of the gainer counters, Hong Leong Industries improved 12 sen to RM9.52, KPJ Healthcare rose 11 sen to RM4.17 and UMW Holdings bagged 10 sen to RM5.99.

The FBM Emas Index went down 7.17 points to 11,802.95, the FBM Emas Shariah Index lost 7.74 points to 12,434.63, and the FBMT 100 Index was 8.13 points weaker at 11,501.60.

The FBM 70 fell 0.66 of a point to 13,878.44, but FBM Ace rose 41.07 points to 5,165.93.

The Plantation Index shed 22.16 point to 7,939.20, the Industrial Index declined 0.58 of a point to 3,142.22 and the Finance Index eased 3.04 points to 14,426.30. — Bernama