Bursa Malaysia opens mixed, weighed down by selling in selected heavyweights

Bursa Malaysia opens mixed, weighed down by selling in selected heavyweights

KUALA LUMPUR,. Bursa Malaysia opened mixed this morning as the key index declined by 0.08 per cent after 10 minutes of trading, weighed down by selling in selected heavyweights, led by IHH Healthcare and PPB Group.

At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.26 points to 1,526.36, from yesterday’s close of 1,527.62.

The index opened 0.59 of-a-point higher at 1,528.21.

On the broader market, gainers outpaced losers at 243 versus 184, while 271 counters were unchanged, 1,538 untraded and 31 others suspended.

Turnover stood at 330.53 million units worth RM179.49 million.

In a research note today, Malacca Securities Sdn Bhd said the FBM KLCI is expected to build on the previous session’s gains, with the focus now shifting back towards the economic recovery progress.

“Still, we remain cautious as there are few domestic leads over the near-term outlook and this will further curtail any extended potential upsides,” the brokerage said in a research note today.

Nevertheless, it said the general market undertone is improving, and this will allow the lower liners to experience a decent recovery after a difficult two-month period that saw many stocks veering into the oversold region.

Malacca Securities said the technology sector is expected to rise, mirroring the Nasdaq’s positive overnight performance.

“Consumer products as well as transport and logistics sectors may be in focus in anticipation of improving consumer spending in the coming months alongside the gradual resumption of economic activities,” it added.

Additionally, the brokerage said the firmer crude oil prices due to tight supplies and improving demand may help to boost the energy sector.

Of the heavyweights, IHH Healthcare shed seven sen to RM5.73, PP Group trimmed 26 sen to RM18.24, MISC fell six sen to RM6.81, Petronas Dagangan eased 26 sen to RM18.60 and Hong Leong Financial Group narrowed 22 sen to RM17.62.

Meanwhile, Maybank rose two sen to RM8.06, Public Bank added one sen to RM4.03, TNB gained three sen to RM9.77 and Petronas Chemicals was flat at RM8.08.

Among the actives, Hwa Tai jumped 13.5 sen to RM1.07, YBS International increased two sen to 53.5 sen, Pasukhas inched up half-a-sen to 11 sen, Lambo advanced six sen to 31 sen, BCM Alliance increased 3.5 sen to 13 sen and Kanger edged down half-a-sen to seven sen.

On the index board, the FBM Emas Index increased 3.28 points to 11,191.68, the FBMT 100 Index went up 1.69 points to 10,889.45, and the FBM ACE advanced 21.64 points to 7,403.80.

The FBM Emas Shariah Index was 2.68 points better at 12,324.67, and the FBM 70 perked 43.87 points to 14,728.47.

Sector-wise, the Financial Services Index increased 4.82 points to 14,889.33, the Industrial Products and Services Index edged up 0.07 of-a-point to 190.18 and the Plantation Index declined 4.81 points to 6,283.66. ― Bernama

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