Bursa Malaysia opens lower on profit-taking

Bursa Malaysia opens lower on profit-taking

KUALA LUMPUR: Bursa Malaysia opened lower today on profit-taking activities after yesterday’s strong performance and amid weaker Wall Street performance overnight.

At 9.06am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 9.02 points, or 0.57 per cent, to 1,579.43 from 1,588.45 at yesterday’s close.

The key index opened 0.44 of-a-point higher at 1,588.89.

On the broader market, losers led gainers 325 to 189, while 304 counters were unchanged, 1,335 untraded and nine others suspended.

Total volume stood at 433.95 million units worth RM240.11 million.

Malacca Securities Sdn Bhd said the market would be looking forward to Bank Negara Malaysia’s second Monetary Policy Committee meeting today to gauge market movements.

The brokerage said however, economists anticipated an unchanged stance on the overnight policy rate at 1.75 per cent amid expectations of an economic recovery.

“We believe the lower liners will continue to remain upbeat if the positive market sentiment persists. Meanwhile, the Brent oil price has seen a rebound,” it said in a research note.

Given the daily Covid-19 confirmed cases remained below 2,000 for the third straight day, the brokerage believe traders would focus on recovery-theme sectors such as aviation, consumer products and gaming.

“Besides, traders may look out for oil & gas and plantation counters, given the rebound in commodities prices,” it added.

Another dealer said the regional stocks braced for a new bout of volatility in equities and bond after a surge in US Treasury bond, as well as ahead of China’s annual parliamentary pageant on Friday.

Regionally, Singapore’s Straits Times Index fell 0.8 per cent to 2,997.89 and Japan’s Nikkei 225 Index went down 1.49 per cent to 29,117.6.

Among heavyweights, Public Bank gained two sen to RM4.24, Petronas Chemicals and IHH Healthcare were flat at RM7.74 and RM5.50, respectively, while Maybank fell four sen to RM8.10, TNB shed eight sen to RM10.38, CIMB trimmed three sen to RM4.26, and Top Glove declined 16 sen to RM4.93.

Of the actives, Nexgram edged up half-a-sen to five sen, Minetech rose 1.5 sen to 21.5 sen, Dataprep soared 13 sen to RM1.97, while Dagang Nexchange was flat at 61.5 sen, Sealink eased one sen to 19.5 sen, and MY E.G slipped nine sen to RM2.15.

On the index board, the FBM Emas Index narrowed 58.58 points to 11,612.86, the FBMT 100 Index depreciated 57.90 points to 11,307.95, the FBM Emas Shariah Index was 87.15 points easier at 12,953.1, the FBM ACE discounted 97.47 points to 10,518.32, and the FBM 70 trimmed 53.52 points to 15,445.83.

Sector-wise, the Industrial Products and Services Index was 1.03 point lower at 185.9, the Plantation Index slid 11.06 points to 7,151.03, and the Financial Services Index decreased 15.68 points to 15,017.16. — Bernama