Bursa Malaysia opens lower on mild profit-taking

The inflation rate in Eurozone as well as monetary policy decisions by BNM and Bank of Japan are expected to remain in focus for the remaining week

BURSA Malaysia retreated from yesterday’s gains to open lower today, as mild profit-taking emerged in selected heavyweights despite the cautious sentiment in regional markets, dealers said.

At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) shed 3.88 points to 1,495.5 from yesterday’s closing of 1,493.56.

The market bellwether opened 4.07 points weaker at 1,495.31.    

In the broader market, decliners surpassed gainers 200 to 141, while 283 counters were unchanged, 1,557 untraded and 10 others suspended.

Turnover amounted to 243.84 million units worth RM148.04 million.

In a note today, Malacca Securities Sdn Bhd said the inflation rate in Eurozone as well as monetary policy decisions by Bank Negara Malaysia (BNM) and Bank of Japan were expected to remain in focus for the remaining week.

“Meanwhile, sectors such as manufacturing, construction, plantation and agriculture may see production activities normalising going forward after the demand for migrant workers is met under the Relaxation of Employment of Foreign Workers Plan,” it said.

Commodities-wise, it said Brent crude oil traded above US$85 (RM368.05) per barrel while crude palm oil price consolidated towards RM3,800 per kg.

“The technology sector may rebound in line with Wall Street Nasdaq’s slight uptrend move. Meanwhile, the Relaxation of Employment of Foreign Workers Plan should benefit sectors such as construction and plantation. Besides, the energy sector should gain traction amid rising Brent oil price,” it added.

Among the heavyweights, Malayan Banking Bhd advanced one sen to RM8.79, Public Bank Bhd and CIMB Group Holdings Bhd slipped one sen each to RM4.31 and 5.76, respectively, Petronas Chemicals Group Bhd lost 11 sen to RM8.51 and Tenaga Nasional Bhd fell two sen to RM9.41.

As for the actives, TT Vision Holdings Bhd surged RM1.08 to RM1.42, BSL Corp Bhd declined three sen to RM1.55, Velesto Energy Bhd eased half-a-sen to 18 sen and Dagang NeXchange was flat at 58.5 sen.

On the index board, the FBM Emas Index reduced 26.21 points to 10,798.86, the FBM T100 Index weakened by 25.81 points to 10,495.59 and the FBM Emas Shariah Index trimmed 37.29 points to 11,027.98.

The FBM 70 Index dropped 27 points to 13,439.25 and the FBM ACE Index rose 11.87 points to 5,495.11.  

Sector-wise, the Financial Services Index fell 17.05 points to 16,529.27, the Industrial Products and Services Index inched down 1.21 point to 187.43, the Plantation Index ticked up 0.78 point to 6,901.06 and the Energy Index eased 3.9 points to 816.67. — Bernama