Bursa Malaysia retreats in early trade

As such, the market breadth was weak with losers outpacing gainers 149 to 121

BURSA Malaysia’s barometer index retreated from its two-month high today as profit-taking activities emerged.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.96 points to 1,476.15 from yesterday’s closing of 1,480.11.

The market bellwether opened 3.84 points lower at 1,476.27.

Market breadth was weak with losers outpacing gainers 149 to 121, while 200 counters were unchanged, 951 untraded and 25 others suspended.

Turnover amounted to 182 million units worth RM38.7 million.

Malacca Securities Sdn Bhd said global sentiment might remain tilted to the downside in view of the overnight slump on Wall Street as investors could be pricing in a potential recession in 2023 and carefully assessing China’s move to reopen its economy amid surging Covid-19 cases.

‘‘Nevertheless, the local bourse should continue to be supported by year-end window dressing and elevated firmer commodity prices,’’ it said in a note.

In view of further window-dressing activities, it said, the banking and telecommunication sectors could be in the limelight.

Brent crude oil price settled above US$83 (RM367.69) yesterday, while crude palm oil prices hovered above RM4,000. Hence, the brokerage said buying momentum was expected to remain strong in the energy and plantation sectors.

On the other hand, the technology sector may remain under pressure in tandem with Nasdaq’s overnight losses, it said.

Among the heavyweights, Axiata Group Bhd and AMMB Holdings Bhd lost three sen to RM2.98 and RM4.08, respectively, while Malayan Banking Bhd and Dialog Group Bhd were six sen weaker at RM8.65 and RM2.42, respectively. Telekom Malaysia Bhd trimmed eight sen to RM5.32 and Tenaga Nasional Bhd fell five sen to RM9.25.

Meanwhile, PPB Group Bhd and Kuala Lumpur Kepong Bhd improved 12 sen to RM17.60 and RM21.82, respectively.

Of the actives, Eduspec Holdings Bhd decreased half-a-sen to 1.5 sen, while Focus Dynamics Group Bhd and Saudee Group Bhd were unchanged at two sen and 4.5 sen, respectively.

On the index board, the FBM Emas Index slid 23.52 points to 10,595.36, the FBM T100 Index went down 23.39 points to 10,312.29, the FBM Emas Shariah Index shaved 26.71 points to 10,823.67, the FBM 70 Index fell 11.06 points to 12,999.17, while the FBM ACE Index rose 24.68 points to 5,312.38.

Sector-wise, the Financial Services Index dropped 42.37 points to 16.326.67, the Plantation Index inched down 4.94 points to 6,995.28, the Industrial Products and Services Index slipped 0.04 of-a-point to 180.86 and the Energy Index was 6.44 points lower at 777.17.Bernama / pic TMR