Bursa Malaysia opens higher, but retreats thereafter

The FBM KLCI is expected to remain lacklustre today and trend in the 1,375-1,390 range

BURSA Malaysia opened higher today but retreated within minutes as mild profit-taking emerged in selected heavyweights, amid rising cautious sentiments in the regional markets, a dealer said.

At 9.18am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.19 of-a-point to 1,382.28 from last Friday’s close of 1,382.47.

The benchmark index opened 1.03 points higher at 1,383.50.

On the broader market, decliners surpassed gainers 249 to 126, while 227 counters were unchanged, 1,743 untraded and 17 others suspended.

Turnover stood at 200.65 million units worth RM100.4 million.

Rakuten Trade Sdn Bhd VP (equity research) Thong Pak Leng said last week, the Wall Street was unable to sustain its rebound due to profit-taking activities as the US’ 10-year yield broke past the 4% level to 4.02%.

“The DJI Average lost 404 points while the Nasdaq declined by 328 points. In view of the heightened volatility, we expect regional markets to follow suit as we anticipate some selling pressure today.

“Locally, we reckon the FBM KLCI to remain lacklustre today and trend in the 1,375-1,390 range today,” he said to Bernama, adding that technology stocks may face some headwinds today judging by the steep fall on Nasdaq last Friday.

Among the heavyweights, Malayan Banking Bhd rose four sen to RM8.49, Public Bank Bhd and CIMB Gtroup Holdings Bhd went up two sen each to RM4.22 and RM5.32, respectively, while Petronas Chemicals Group Bhd slipped 10 sen to RM8.45 and IHH Healthcare Bhd was flat at RM5.72.

Of the actives, Sunview Group Bhd gained 22.5 sen to 51.5 sen and Top Glove Corp Bhd advanced 1.5 sen to 70.5 sen, while Sapura Energy Bhd was flat at four sen and Artroniq Bhd declined 3.5 sen to 61 sen.

On the index board, the FBM Emas Index shed 12.78 points to 9,845.54, the FBM 70 fell 50.97 points to 11,853.73, the FBM T100 Index decreased 10.72 points to 9,596.74, the FBM Emas Shariah Index gave up 37.41 points to 9,817.38, and the FBM ACE reduced 26.74 points to 4,625.36.

Sector-wise, the Financial Services Index was 32.59 points higher at 15,906.07, the Industrial Products and Services Index ticked down 1.31 points to 168.57, the Plantation Index slipped 1.66 points to 6,420.21, and the Energy Index declined 4.10 points to 664.59. – Bernama / pic TMR File