Bursa Malaysia opens lower on fears over high energy and commodity prices | Money

In the broader market, losers outpaced winners by 443 to 50, while 186 counters remained unchanged, 1,593 untraded and another 11 suspended. ― Photo by Hari Anggara

KUALA LUMPUR, March 8 – Bursa Malaysia opened lower today as traders grew increasingly concerned about high energy and commodity prices due to the Russian-Ukrainian conflict, a dealer said .

As of 9:05 a.m., the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was down 1.22% or 19.22 points to 1,553.34 from 1,572.56 at yesterday’s close.

The barometer index opened 6.11 points lower at 1,566.45.

In the broader market, losers outpaced winners by 443 to 50, while 186 counters remained unchanged, 1,593 untraded and another 11 suspended.

Sales amounted to 206.37 million units worth RM107.87 million.

Thong Pak Leng, vice president of equity research at Rakuten Trade Sdn Bhd, said the Dow Jones Industrial Average (DJI Average) fell nearly 800 points, while the Nasdaq fell 480 points to a low for almost a year.

“Back home, we expect the market to rebound from the bargain-hunting activities, otherwise the local stock exchange could be stuck in a consolidation mode,” he told Bernama.

Meanwhile, the Council of Palm Oil Producing Countries (CPOPC) has also raised concerns over the Russian-Ukrainian dispute to drastically reduce the availability of sunflower oil for various applications, food manufacturers having to look elsewhere to circumvent their losses.

Ukraine and Russia are the world’s leading producers of sunflower oil, accounting for 7.3 and 5.8 million tonnes respectively in 2020.

Together, these two countries account for nearly 73% of the sunflower oil export trade.

According to another report, Asian stocks also tumbled, mirroring Wall Street amid fears of a possible inflationary shock stemming from commodity prices and its impact on the global economy.

Therefore, Thong expects the FBM KLCI index to range between 1,565 and 1,585 today.

Among the heavyweights, Hong Leong Financial was down 32 sen at RM18.74, Petronas Dagangan was down 36 sen at RM20.44, Tenaga Nasional was down one sen at RM8.90, IHH Healthcare was down from 17 sen to RM6.28 and Dialog Group slipped seven sent to RM2.60.

Among assets, G3 Global added half a sen to eight sen, DNex fell 5.5 sen to 87.5 sen and TWL Holdings slipped half a sen to 5.5 sen.

On the index chart, FBM Emas index erased 137.51 points to 10,936.32, FBM Emas Shariah index narrowed 171.58 points to 11,654.85, FBM 70 fell 149, 74 points to 12,608.79, the FBMT 100 index lost 130.73 points to 10,654.30, and FBM ACE fell 6 points to 10,654.30 and FBM ACE fell 6 points. .

At the sector level, the index of industrial products and services weakened by 3.02 points to 206.55, the index of financial services contracted by 139.66 points to 15,802.06 and the index des plantations lost 190.46 points to 8,171.52. — Bernama

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