Bursa Malaysia opens lower on profit taking

03 Dec 2019 / 11:15 H.

KUALA LUMPUR: Bursa Malaysia retreated from yesterday’s gain to trade lower in the early session today on mild profit taking in selected heavyweights, dealers said.

At 10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 7.57 points to 1,562.98 from Monday’s close of 1,570.55.

At the opening bell, the barometer index was 1.70 points lower at 1,568.85.

On the broader market, there were 272 losers and 137 gainers, while 250 counters were unchanged, 1,306 untraded and 19 others suspended.

Turnover amounted to 311.92 million shares worth RM162.42 million.

In a research note today, Malacca Securities Sdn Bhd said following the market’s rebound to the 1,570 level yesterday from last Friday’s steep falls, the local index is expected to continue its recovery in the near-term.

“Even with the possible upsides, we think there is still substantive tentativeness as there are few catalysts to entice a stronger recovery. As it is, market sentiments are still tepid amid concerns over the state of the country’s corporate earnings and economic environment in 2020 that is leaving the FBM KLCI to drift longer.

“Also, an initial United States (US)-China trade deal remains in limbo which could further leave market conditions guarded longer. Consequently, we continue to think that the gains are likely to be limited with the next resistances pegged at 1,575 and 1,580 respectively, with supports at 1,565 and 1,560,” it said.

Among the heavyweights, Maybank added one sen to RM8.52, Petronas Chemicals slipped 14 sen to RM6.96, Public Bank went down 10 sen to RM19.46, TNB declined four sen to RM13.04 while CIMB shed three sen to RM5.16.

Of the actives, Khee San rose seven sen to 37.5 sen, Solarvest earned half-a-sen to 87.5 sen, JAKS Resources gained two sen to RM1.23 while Yong Tai eased half-a-sen to 19.5 sen.

The FBM Emas Shariah Index dipped 60.77 points to 11,601.57, the FBM Emas Index contracted 47.33 points to 11,088.94, the FBM 70 reduced 43.57 points to 13,798.13, the FBMT 100 Index decreased 47.11 points to 10,902.49 and the FBM Ace gave up 34.23 points to 4,766.03.

Sector-wise, the Plantation Index added 5.18 points to 7,161.44, the Financial Services Index edged down 16.75 points to 15,300.42 and the Industrial Products & Services Index inched down 1.07 point to 149.36. -Bernama

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