Bursa Malaysia opens higher

KUALA LUMPUR: Bursa Malaysia opened higher today, but fell thereafter, due to profit-taking correction, dealers said.
At 9.56am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,831.13, down 1.02 points, from yesterday's close of 1,832.15, after opening 5.11 points better at 1,837.26.
A dealer said blue chips and the index slipped into profit-taking correction mode due to extreme overbought momentum.
"The next key resistance level for the index is 1,867, the April 2017 peak, followed by an all-time high of 1,896 on July 2014. Immediate uptrend supports upon a profit-taking correction are at 1,820 and 1,790, the rising 10-day moving average," he said.
Overall market breadth was negative with losers beating gainers 577 to 237, while 337 counters were unchanged, 652 untraded and 20 others suspended.
Turnover stood at 2.31 billion shares worth RM913.58 million.
Among heavyweights, Maybank eased one sen to RM9.84 and CIMB lost six sen to RM6.76.
TNB chalked up 18 sen to RM15.88 and Petronas Chemicals gained one sen to RM8.16, while Public Bank was flat at RM20.82.
Of the actives, UMW O&G fell two sen to 43.5 sen and Sapura Energy lost 2.5 sen to 95 sen.
Sumatec, Borneo Oil and XOX added half-a-sen each to 6.5 sen, 9.5 sen and 12.5 sen, respectively.
The FBM Emas Index was 26.99 points lower at 13,288.52, the FBMT 100 Index slid 26.641 points to 12,921.85 and the FBM 70 fell 90.27 points to 16,702.08.
The FBM Emas Shariah Index lost 22.72 points to 13,784.48 and the FBM Ace declined 36.94 points to 6,960.99.
Sector-wise, the Finance Index shed 45.271 to 17,195.2 and the Industrial Index was down 2.57 points to 3,433.74.But, the Plantation Index climbed 3.52 points to 8,097.91. — Bernama