KUALA LUMPUR, July 10 ― Bursa Malaysia opened lower today taking the cue from a weaker overnight performance of Wall Street.

The US stocks closed mostly lower yesterday, but was off the low, as investors sought safety in technology and tech-related investments amid rising cases of coronavirus in the United States, a dealer said.

At 9.02am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 8.12 points to 1,575.13 from yesterday’s close of 1,583.25.

The index opened 4.33 of a point weaker at 1,578.92.

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Market breadth was negative with losers led gainers 171 to 150, while 300 counters were unchanged, 1,332 untraded and 22 others suspended.

Total volume stood at 324.03 million shares worth RM130.68 million.

In a note today, Malacca Securities Sdn Bhd said the FBM KLCI has now turned slightly cautious after the recent streak of gains as penny counters took the lead.

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"Given the lack of fresh leads, we see the consolidation to take place as investors continue to monitor the developments of economic recovery.

"At the same time, the renewed volatility on Wall Street might also limit any potential gains," it said.

As for the sector focus, it said that the healthcare sector will continue to thrive over the foreseeable future as the number of new Covid-19 cases remain on the rise.

On the other hand, the technology sector may also continue its fine form with no signs of abating, in line with Nasdaq hitting the all-time-highs recently, it added.

Among heavyweights, Maybank eased three sen to RM7.88, Public Bank reduced 14 four sen to RM18.36, and Hartalega shed two sen to RM16.58. 

Tenaga added two sen to RM11.50 while Top Glove was flat at RM21.18.

Of the most active, VSolar Group slid 1.5 sen to 5.5 sen, Hubline edged up half-a-sen to eight sen, AT Systematization eased half-a-sen to nine sen while Pegasus warrant and Velesto were flat at one sen and 15 sen respectively.

On the index board, the FBM Emas was 36.67 points lower at 11,124.29, the FBMT 100 Index shed 43.25 points to 10,967.59 and the FBM Emas Shariah Index reduced 35.76 points at 12,698.63.

The FBM 70 eased 1.63 points to 13,788.68 while the FBM ACE gained 6.65 points to 7,244.57.

Sector-wise, the Financial Services Index fell 52.82 points at 13,492.76, the Industrial Products and Services Index slid 0.47 of a point to 139.23 and the Plantation Index slipped 65.87 points to 6,792.95. ― Bernama