KUALA LUMPUR, Aug 14 ― Bursa Malaysia opened higher but retreated thereafter tracking the weaker overnight performance of Wall Street, with the S&P 500 slipping into negative territory after briefly trading above its all-time high from a second day in a row.

Investors brushed off the US weekly jobless claims that fell below one million for the first time in four months.

At 9.06am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.95 points to 1,573.47 from Wednesday's close of 1,556.64.

The key index opened 2.37 points better at 1,578.79.

Market breadth was negative, with losers leading gainers 306 to 168, while 322 counters were unchanged, 1,200 untraded and 33 others suspended.

Trading volume stood at 913.81 million shares worth RM258.22 million. 

Malacca Securities Sdn Bhd in a note said renewed buying interests in glove heavyweights, coupled with the extended gains in financial heavyweights sent the FBM KLCI (+1.3 per cent) to snap a four- day losing streak as gains were in line with the mostly positive sentiment across regional peers yesterday.

It said after some hiccups in recent days, investors have now begun to bargain hunt on beaten down glove-related stocks.

“While we think that quick profit taking may set in with the outlook remain indifferent weigh-down by on-going Sino-US geopolitical concerns and rising number of COVID-19 cases, the recent buying from foreign funds may provide some stability.

“Meanwhile, investors will be keeping an eye on the release of second quarter Malaysia’s Gross Domestic Product data which is widely touted to be the first contraction since third quarter 2009,” it said.

For the sector focus the firm noted that the sharp recovery in gold prices may trigger renew buying interest in gold-related stocks.

“Meanwhile, healthcare-related stocks are also on the move once again which may set off another wave of recovery over their positive prospects over the foreseeable future,” it added.

Of the heavyweights, Maybank and Tenaga  added two sen each to RM7.82 and RM11.18 respectively, Public Bank slipped eight sen to RM17.72, Top Glove gained 10 sen to RM25.10 while Hartalega was flat at  RM16.56.

Among the most active, Priceworth and Borneo Oil eased half-a sen each to 4.5 sen and seven sen respectively, XOX shed 1.5 sen to 24 sen, while Sapura Energy and Nexgram were flat at 13 sen and 6.5 sen respectively.

On the index board, the FBM Emas Index decreased 18.36 points to 11,251.29, the FBM Emas Shariah Index was 23.41 points lower at 13,070.50 and the FBMT 100 Index slipped 16.09 points to 11,075.43.

The FBM 70 fell 68.49 points to 14,333.06 and the FBM ACE dropped 112.77 points to 9,986.23.

Sector-wise, the Financial Services Index was up 2.80 points at 13,391.36, the Plantation Index gained 9.82 points to 7,034.11 but the Industrial Products and Services Index eased 0.39 point to 139.29. ― Bernama