Bursa Malaysia opens higher but retreted thereafter

Bursa Malaysia opens higher but retreted thereafter

KUALA LUMPUR: Bursa Malaysia opened slightly higher today, but retreated within minutes of trading, driven by emerging profit-taking across the heavyweights due to recent gains, dealers said.

At 9.15am, the benchmark index FTSE Bursa Malaysia KLCI (FBM KLCI) declined 10.69 points to 1,599.46 after opening 0.93 of-a-point higher at 1,611.08.

Losers led gainers 341 to 243, while 381 counters were unchanged, 1,179 untraded and 18 others suspended.

Total volume stood at 1.56 billion worth RM498.19 million.

Rakuten Trade Sdb Bhd expects some retracement of regional markets today, tracking overnight Wall Street retreat as traders decided to lock in some profits following a solid run post US presidential election and positive vaccine news.

“On the local front, we reckon rubber glove counters to experience continued selling pressures, hence, the benchmark index may face some headwinds today.

“We believe the FBM KLCI, which had jumped by more than 10 per cent since early this month, may see it tough to maintain at current level with the 1,600 as the immediate support,” it said in a research note today.

Among the heavyweights, Maybank slipped 14 sen to RM8.1622, Public Bank fell 8.0 sen to RM18.82, TNB decreased 12 sen to RM11.30, Petronas Chemicals declined 2.0 sen to RM6.63, while Top Glove went down 15 sen to RM6.85.

Of the actives, Pegasus earned half-a-sen to 3.5 sen, Kanger International rose 1.5 sen to 18.5 sen, Eduspec was flat at 3.0 sen while AT Systematization slipped 2.5 sen to 22 sen.

On the index board, the FBM Emas Index was 70.17 points easier at 11,485.17, the FBM Emas Shariah Index dipped 57.57 points to 13,156.39, the FBMT 100 Index shed 72.93 points to 11,273.89, the FBM 70 declined 85.57 points to 14,718.24, and the FBM ACE contracted 58.86 points to 11,260.39.

Sector-wise, the Industrial Products and Services Index eased 0.26 of-a-point to 157.48, the Plantation Index perked 5.73 points to 7,317.33 and the Financial Services Index lost 166.90 points to 14,288.79.-Bernama