Bursa opens flat on lack of catalysts

KUALA LUMPUR,. Bursa Malaysia was flattish in the early session trading on Wednesday amid lack of fresh catalysts.

At 9.17am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 0.43 of-a-point to 1,523.31 from 1,522.88 at Tuesday’s close.

The index opened 1.33 point better at 1,524.21.

Losers led gainers 205 to 200, while 272 counters were unchanged, 1,664 untraded and 45 others suspended.

Total volume stood at 291.84 million units worth RM179.42 million.

Malacca Securities Sdn Bhd believes that the upside on technology stocks might be limited, mirroring the overnight losses on Nasdaq.

Bursa Malaysia’s Technology Index was flat at 100.40.

Commodity-wise, the brokerage said crude oil price charged higher and extended its gains above US$80, while crude palm oil (CPO) price performed a declining move, falling more than 2.0 per cent yesterday.

“Nevertheless, we think the decision by US President Joe Biden, ordering release of the country’s oil reserves, may post some pressure on the crude oil price moving forward,” the brokerage said in a research note.

Malacca Securities said following expectations of higher supply on crude oil, investors may take a step back from energy counters.

“Nevertheless, investors may focus on sectors such as banking and plantation amid the ongoing earnings season. Also, there is decent buying support into healthcare stocks due to a spike in Covid-19 cases,” it said.

Among the heavyweights, Petronas Chemicals strengthened five sen to RM8.36, IHH Healthcare added two sen to RM6.72, TNB gained one sen to RM9.51, while CIMB was flat at RM5.19, and Maybank and Public Bank eased one sen each to RM8.15 and RM4.06, respectively.

Of the actives, Dagang Nexchange rose 1.5 sen to 88 sen, Dataprep jumped 11 sen to RM1.01, WZ Satu advanced two sen to 25 sen, NWP edged up half-a-sen to 33.5 sen, while Tanco was flat at 27 sen, and Scope Industries declined 2.0 sen to 33.5 sen.

On the index board, the FBM Emas Index expanded 7.59 points to 11,221.0, the FBMT 100 Index bagged 4.33 points to 10,873.38, the FBM Emas Shariah Index went up 11.62 points to 12,168.77, the FBM 70 rose 10.75 points to 14,728.92, and the FBM ACE improved 6.44 points to 6,722.75.

Sector-wise, the Industrial Products and Services Index fell 0.07 of-a-point to 199.45, the Financial Services Index fell 4.66 points to 15,280.03, and the Plantation Index improved 15.74 points to 6,590.77. — Bernama

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