KUALA LUMPUR: Shares on Bursa Malaysia were mixed in early trade on lack of follow-through.
At 9.15am, the key FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 1.52 points to 1,674.61, failing to sustain earlier mild gains recorded seconds after opening 0.31 of-a-point lower at 1,675.82.
Gainers led losers 112 to 104 with 189 counters unchanged, 1,512 untraded and 42 suspended.
Turnover stood at 125.60 million worth RM49.63 million.
Malacca Securities Sdn Bhd said profit taking activities looks set to continue amid fresh geopolitical concerns and the recent steep gains that left stocks perched on the overbought level.
“Market players will likely be on a holding mode ahead of the G20 summit in the upcoming weekend to see if there is any progress in the US-China trade negotiations.
“Back home, there are also still few noteworthy leads for market players to follow and this will negate the some of the recent gains and place a cautious outlook in the near term,’” it said in a note.
Meanwhile, Maybank IB Research said growing optimism of a rekindling of contentious US-China trade talks is likely to increase ahead of the G20 gathering In Tokyo, where U.S. President Donald Trump and Chinese President Xi Jinping are expected to meet.
Technically, it expects the FBMKLCI to range between 1,660 and 1,680 today with downside supports are at 1,636 and 1,615.
“Given the combined momentum of FBM KLCI index-related stocks and current weighting, we opine the index could stage a mild pullback based on the emergence of selling pressure within the 200-day EMA (Exponential Moving Average) line.
“We expect the FBM KLCI Index to trade lower this week, although the downside risk is low, for now,” it said in a note today.
Among heavyweights, Maybank dropped one sen to RM8.95, Public Bank was four sen higher at RM23.06, Tenaga went up two sen to RM13.82 and Petronas Chemicals declined four sen to RM8.46.
Of the actively-traded stocks, Berjaya Land rose half-a-sen to 19.5 sen while both Bumi Armada and Sumatec remained unchanged at 21 sen and one sen, respectively.
The FBM Emas Index fell 6.03 points to 11,786.91, the FBMT 100 Index decreased 6.58 points to 11,640.53 but the FBM Emas Shariah Index increased 2.48 points to 12,128.52.
The FBM 70 edged higher 8.06 points to 14,576.90 while the FBM Ace gained 5.48 points to 4,370.98.
Sector-wise, the Financial Services Index shed 19.91 points to 16,741.05, and the Industrial Products & Services Index inched down 0.09 of-a-point to 161.35 and the Plantation Index eased 4.19 points to 6,947.95. - Bernama