KUALA LUMPUR: Bursa Malaysia opened lower today on profit-taking after yesterday’s gains due to window-dressing activities, analysts said.
At 9.08am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 11.55 points weaker at 1,587.56 from Wednesday’s close of 1,599.11.
The index opened 11.98 points lower at 1,1587.13.
Market breadth was almost mixed with losers leading gainers 120 to 106, while 189 counters remained unchanged, 1,590 untraded and 28 others suspended.
Turnover amounted to 98.67 million shares worth RM49.74 mil.
Stockbroking firm Malacca Securities Sdn Bhd said profit-taking is expected to continue towards the end of the week after some substantial gains over the past two days.
“Already, we are seeing some pullback activities among certain regional peers and the weakness may permeate into stocks in Bursa Malaysia.
“A pullback will see the key index supported at the 1,559 level. On the flip side, any upside is expected to be capped towards the 1,610 level,” it said in a research note today.
It said with the overbought position still looming on the lower liners, the pullback may continue as investors digest their recent upturn.
“At the same time, we continue to like the construction sector following the revival of mega infrastructure projects, while crude oil prices hovering at a three-month high may garner stronger trading interest within the energy sector,” it added.
Among heavyweights, IHH Healthcare dropped 25 sen to RM5.68, Maxis eased 11 sen to RM5.27, Petronas Chemicals was down 15 sen at RM7.23, Hong Leong Bank fell 34 sen to RM17.16 and Petronas Gas dipped 30 sen to RM16.70.
Of the actives, Yong Tai was flat at 18 sen, Fitters rose 1.5 sen to 39 sen and Datasonic added three sen to RM1.19.
Top losers were led by Nestle, which gave up 50 sen to RM143.70, followed by Hong Leong Bank, Petronas Gas and IHH Healthcare.
The FBM Emas Index shed 60.15 points to 11,295.35, the FBM Emas Shariah Index depreciated 67.09 points to 11,912.73 while the FBMT 100 Index declined 62.45 points to 11,093.49.
The FBM Ace recovered 14.05 points to 5,012.43 but the FBM 70 fell 4.42 points to 14,128.01.
Sector-wise, the Financial Services Index slid 97.99 points to 15,438.26, the Plantation Index lost 54.39 points to 7,503.89 and the Industrial Products and Services Index fell 1.03 point to 152.39. – Dec 19, 2019, Bernama
