Buying interest is expected to return to the banking counters following their decline last week, a research note shows

BURSA Malaysia’s key index opened slightly higher but turned lower thereafter amid a lack of strong buying momentum in index-linked counters.  

At 9.25am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) shed 8.52 points to 1,473.28 from last Friday’s closing of 1,481.80. 

The market bellwether opened 0.28 of-a-point higher at 1,482.08. 

On the broader market, gainers surpassed losers at 297 versus 249, while 297 counters were unchanged, 1,398 untraded and nine others suspended.

Turnover stood at 830.01 million units worth RM239.47 million.

In a research note today, Rakuten Trade Sdn Bhd said it expects buying interest to return to the banking counters following their decline last week.

“With the recent announcement of the Cabinet which was broadly well received, we reckon the index may see a reversal today as we expect it to trend in the 1,480-1,500 range,” the brokerage firm said. 

Among the heavyweights, Malayan Banking Bhd declined four sen to RM8.54, Public Bank Bhd and CIMB Group Holdings Bhd both eased three sen to RM4.38 and RM5.61, respectively, Petronas Chemicals Group Bhd slipped two sen to RM8.50, Tenaga Nasional Bhd discounted 13 sen to RM8.25 and IHH Healthcare Bhd was flat at RM5.83. 

Of the actives, MQ Technology Bhd rose 1.5 sen to seven sen, SMTrack Bhd added one sen to 7.5 sen, Advance Synergy Bhd edged up half-a-sen to 18.5 sen and Jiankun International Bhd increased 2.5 sen to 28.5 sen, while Icon Offshore Bhd and Borneo Oil Bhd were flat at 15.5 sen and two sen, respectively. 

On the index board, the FBM Emas Index decreased 41.34 points to 10,611.86, the FBM T100 Index fell 47.01 points to 10,310.14, the FBM Emas Shariah Index went down 41.3 points to 10,836.62 and the FBM 70 erased 9.43 points to 13,061.76, while the FBM ACE advanced 45.31 points to 5,411.20.

Sector-wise, the Financial Services Index slid 87.77 points to 16,358.65, the Industrial Products and Services Index inched down 0.5 of-a-point to 181.32, and the Plantation Index weakened by 18.79 points to 6,789.06, while the Energy Index improved by 12.12 points to 812.23. — Bernama