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Bursa Malaysia opens mixed

25 Jan 2021 / 12:27 H.

KUALA LUMPUR: Bursa Malaysia slightly retreated from last week gained to open mixed today, inline with mixed sentiment on the regional market, as investors remain cautious over the first US Federal Meeting under Joe Biden administration later today.

At 9.20 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.06 of-a-point points to 1,596.80 from 1,596.74 at last week’s close.

The index opened 3.80 points higher at 1,600.54.

On the broader market, losers pipped gainers 617 to 183, while 289 counters were unchanged, 1,209 untraded and 20 others suspended.

Total volume stood at 904.80 million units worth RM590.42 million.

Tracking a mixed performance on Wall Street last Friday, Malacca Securities expects the mild rebound on the FBM KLCI last Friday to fizzle out today and market sentiment is expected to be cautious ahead of the first US Federal Reserve meeting under the Joe Biden administration, as well as the holiday-shortened week.

“As we are heading into the reporting season, investors may turn to selected sectors with high earnings certainty while the Covid-19 cases continued to rise.

“Based on the upcoming reporting season, we reckon the technology, plantation and furniture sectors to be the potential winners and will be on traders’ radar,” it said in a research note today.

Among the heavyweights, Maybank and TNB slipped 4.0 sen each to RM76.96 and 9.74, respectively, Public Bank declined 18 sen to RM21.48, Petronas Chemicals fell 10 sen to RM7.27 while Top Glove added 21 sen to RM6.46.

Of the actives, Dagang Nexchange up 2.5 sen to 28.5 sen, Bioalpha perked 1.5 sen to 31.5 sen, while QES shed 1.5 sen to 36.5 sen and DGB Asia eased half-a-sen to 8.5 sen.

On the index board, the FBM Emas Index went down 39.24 points to 11,524.38, the FBMT 100 Index reduced 32.03 points to 11,262.73, and the FBM Emas Shariah Index was 1.48 points lower at 13,047.47.

The FBM 70 dipped 168.35 points to 14,733.33 and the FBM ACE decreased 75.82 points to 10,682.19.

Sector-wise, the Financial Services Index dropped 146.09 points to 14,739.57, the Plantation Index contracted 3.79 points to 7,219.37, and the Industrial Products and Services Index slipped 2.55 points to 174.80. -Bernama

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