Bursa Malaysia retreats after opening higher

Bursa Malaysia retreats after opening higher

KUALA LUMPUR,. Bursa Malaysia opened slightly higher but retreated thereafter, on continued profit-taking in selected technology, as well as consumer products and services counters, a dealer said.

At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) shed 4.34 points to 1,573.98 from Wednesday’s close of 1,578.23.

The index opened 0.43 of-a-point better at 1,578.75.

Market breadth was negative with losers leading gainers 293 to 173, while 321 counters were unchanged, 1,378 untraded and 13 others suspended.

Turnover stood at 428.69 million units worth RM191.08 million.

In a research note, Malacca Securities Sdn Bhd said following a pullback in commodity prices on Tuesday, investors may refocus on the sectors such as essential consumer stocks and packaging counters.

It said selected commodity prices dropped yesterday following China’s announcement on its campaign to control raw material prices by expanding its oversight of commodity trading and pledging to release the nation’s reserves of base metals.

“In the meantime, traders may look out for recovery-theme play on the back of the clearer National Recovery Plan unveiled by Prime Minister Tan Sri Muhyiddin Yassin; recovery theme sectors include consumer, property and construction,” it said.

Malacca Securities said the FBM KLCI sank into the negative territory yesterday as investors were concern on the outcome of the US Federal Open Market Committee (FOMC) meeting.

“Despite the tepid sentiment, downside risks on the local bourse might be capped by the declining trend of Covid-19 cases, coupled the acceleration in vaccination rate following the implementation of the Public-Private Partnership Industrial Covid-19 Immunisation Programme (PIKAS) yesterday,” it added.

Of the heavyweights, Maybank and IHH Healthcare rose 1.0 sen each to RM8.18 and RM5.58, respectively, while Public Bank and Petronas Chemicals slipped 1.0 sen each to RM4.20 and RM8.10, respectively, and TNB declined 4.0 sen to RM9.98.

Among the actives, MMag, Advance SYnergy and Trive Property added 1.0 sen each to 20 sen, 16 sen and 9.0 sen, respectively, while KNM was flat at 20 sen.

On the index board, the FBM Emas Index decreased 21.18 points to 11,501.47 and the FBMT 100 Index fell 21.33 points to 11,189.04, and the FBM ACE eased 0.68 of-a-point to 7,634.61.

The FBM Emas Shariah Index dipped 22.40 points to 12,645.90 but the FBM 70 perked 8.40 points to 14,976.89.

Sector-wise, the Financial Services Index shed 19.87 points to 15,288.31, the Industrial Products and Services Index inched down 0.19 of-a-point to 192.47, and the Plantation Index reduced 11.01 points to 6,522.41. — Bernama



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