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Bursa Malaysia opens lower on profit-taking

bursa-malaysia-opens-lower-on-profit-taking

KUALA LUMPUR,. Bursa Malaysia opened lower this morning, with the key index falling by 0.24 per cent due to profit-taking after yesterday’s strong performance.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 3.69 points to 1,519.90 from yesterday’s close of 1,523.59.

The index opened 1.39 points higher at 1,524.98.

On the broader market, losers led gainers 188 to 123, while 271 counters were unchanged, 1,618 untraded and eight others suspended.

Turnover stood at 319.34 million units worth RM100.82 million

Malacca Securities Sdn Bhd expects the market sentiment to remain cautious as investors await the appointment of a new Prime Minister, while the Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah urged party leaders to work together to address the current Covid-19 and economic woes.

The brokerage firm said investors may continue to position themselves in recovery theme sectors such as consumer-related, transportation and logistics as well as construction.

“However, traders may trade cautiously in selected technology stocks following China’s decision to tighten competition rules for internet companies,” it said in a research note today.

Among the heavyweights, IHH Healthcare rose one sen to RM5.79, Public Bank and Petronas Chemicals were flat at RM3.95 and RM8, respectively, while Maybank and TNB shed three sen each to RM8.11 and RM9.91, respectively.

CIMB, Press Metal and Maxis eased one sen each to RM4.59, RM5.09 and RM4.44, respectively.

Of the actives, Avillion increased 1.5 sen to 21.5 sen, AppAsia edged up half-a-sen to 15 sen, TFP Solutions was flat at 21.5 sen, Advance Synergy declined two sen to 20.5 sen and Malayan United slid one sen to 9.5 sen.

On the index board, the FBM ACE advanced 22.33 points to 7,154.47, the FBM Emas Index discounted 17.20 points to 11,103.94, the FBM Emas Shariah Index went down 17.34 points to 12,209.27, the FBMT 100 Index eased 20.17 points to 10,820.80, and the FBM 70 was 3.37 points higher at 14,547.72.

Sector-wise, the Industrial Products and Services Index added 0.08 of-a-point to 190.83, the Financial Services Index decreased 25.42 points to 14,819.45, and the Plantation Index fell 5.57 points to 6,317.86. ― Bernama

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