Bursa opens lower on profit-taking
KUALA LUMPUR,. Bursa Malaysia opened lower today due to emerging profit-taking in selected heavyweights following recent gains, dealers said.
At 9.25am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) declined 10.80 points to 1,558.71 from 1,569.51 at Thursday’s close.
The index opened 4.28 points lower at 1,565.23.
On the broader market, losers surpassed gainers 481 to 93, while 241 counters were unchanged, 1,436 untraded and 28 others suspended.
Turnover stood at 595.94 million units worth RM312.22 million.
In a research note today, Malacca Securities Sdn Bhd said it expected market sentiment on the local front to remain cautious as the rally on the Wall Street faded.
“Investors are still digesting and are uncertain on the pace of the potential interest rate hikes in the United States (US). Commodity-wise, both crude palm oil and crude oil price saw a mild retreat but remained firm on the uptrend cycle on the back of expectations over stronger demand under the recovery environment.
“Following the Wall Street’s decline overnight, we may see technology stocks extending its consolidation move, and we favour energy and banking stocks over the near term. Meanwhile, consumer sector may see greater demand under the economic recovery phase,” it said.
Of the heavyweights, Maybank and CIMB slipped 5.0 sen each to RM8.45 and RM5.54, respectively, Public Bank and IHH Healthcare fell 3.0 sen each to RM4.21 and RM6.62, respectively, while Petronas Chemicals declined 10 sen to RM9.05.
Of the actives, AirAsia Group shed 17.5 sen to 57 sen, SMTrack trimmed 1.5 sen to 27.5 sen, NWP Holdings slipped 1.0 sen to 19 sen while Xidelang was flat a 4.0 sen.
On the index board, the FBM Emas Index was 102.97 points weaker at 11,212.75, the FBM Emas Shariah Index decreased 128.07 points to 11,946.42, the FBM 70 dropped 219.08 points to 13,917.19, the FBMT 100 Index dipped 97.41 points to 10,915.42, and the FBM ACE lost 129.50 points to 6,359.13.
Sector-wise, the Industrial Products and Services Index declined 2.30 points to 203.80 and the Financial Services Index fell 79.73 points to 16,143.10, while the Plantation Index went down 23.22 points to 6,750.76. — Bernama