Oil price concerns drag Bursa Malaysia lower in early trade

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.84 points easier at 1,665.42 after opening 1.27 points weaker at 1,666.99.

There were 83 decliners and 61 gainers, with 177 counters were unchanged, 1,381 untraded and 48 others suspended.

Turnover stood at 92.38 million shares worth RM28.33 million.

A dealer said rising concerns over the oversupply of both crude and natural gas, set the benchmark Brent Crude at a three-month low of US$44.75 per barrel, clouding global equity markets.

The FBM Emas Index fell 16.72 points to 11,667.22, the FBMT 100 Index lost 16.9 points to 11,363.13 and the FBM Emas Shariah Index eased 8.76 points to 12,274.73.

The FBM 70 was 10.66 points weaker at 13,286.37 and the FBM Ace slipped 3.12 points to 5,416.01.

Sector-wise, the Finance Index declined 14.47 points to 14,187.61, the Plantation Index gave up 31.59 points for 7,568.61, but the Industrial Index added 0.89 of a point to 3,157.81.

Among heavyweights, Public Bank rose four sen to RM19.42, IHH Healthcare perked two sen to RM6.62 and Petronas Chemicals gained three sen to RM6.67.

Maybank fell to RM8.06 and TNB eased two sen to RM14.28.