Bursa Malaysia opens lower on profit-taking

KUALA LUMPUR,. Bursa Malaysia had opened lower today as profit-taking began to emerge following the five consecutive days of strong gains.

The market also adopted a cautious tone ahead of the announcement on the country’s Cabinet line-up at 11am today.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 8.43 points to 1,577.31 from yesterday’s close of 1,585.74.

The market bellwether opened 2.84 points weaker at 1,582.90.

Market breadth was negative with losers leading gainers 237 to 152, while 277 counters were unchanged, 1,593 untraded and 65 others suspended.

Turnover stood at 197.80 million shares worth RM98.89 million.

Meanwhile, Malacca Securities Sdn Bhd said the key index outperformed most of its regional peers yesterday as foreign investors snapped up RM310.8 million worth of equities.

On the global front, investors are taking a breather while waiting for the outcome of the United States Federal Reserve’s annual Jackson Hole symposium today, which would set the tone for its monetary policy.

“The rising geopolitical tension surrounding the developments in Afghanistan could also be of concern for the markets at this point of time. Commodity-wise, Brent oil retreated while the crude palm oil price increased,” it said in a note.

The brokerage firm said with the key index breaching the 1,580 resistance level, the next resistance is envisaged around 1,600, while the support level is at 1,540.

This morning, market heavyweights Maybank dropped five sen to RM8.40, Public Bank eased two sen to RM4.14, Tenaga fell four sen to RM10.26, IHH rose one sen to RM5.85, while Petronas Chemicals added nine sen to RM8.29.

Among the actives, TFP Solutions advanced half-a-sen to five sen, while Kanger and Avillion were flat each at five sen and 12.5 sen, respectively.

Top losers were F&N which lost 38 sen to RM27.30, Genetec which dipped 34 sen to RM29.04 and Hong Leong Financial Group which erased 26 sen to RM17.88.

On the index board, the FBM Emas Index slipped 44.31 points to 11,495.13, the FBMT 100 Index was 47.68 points weaker at 11,201.40, and the FBM Emas Shariah Index reduced 40.23 points to 12,594.85.

The FBM 70 decreased 15.96 points to 14,949.83 and the FBM ACE fell 15.51 points to 7,246.83.

Sector-wise, the Plantation Index however increased 7.00 points to 6,775.37, while the Financial Services Index dipped 94.21 points to 15,434.40 and the Industrial Products and Services Index declined 0.20 of-a-point to 196.87. ― Bernama


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