Bursa Malaysia opens lower on profit-taking

Bursa Malaysia opens lower on profit-taking

At 9.10am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.14 points to 1,498.93 from yesterday’s close of 1,502.07. ― Bernama pic

Tuesday, 02 Aug 2022 9:51 AM MYT

KUALA LUMPUR, Aug 2 ― Bursa Malaysia opened lower this morning due to profit-taking after the key index crossed the psychological 1,500-level yesterday.

At 9.10am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.14 points to 1,498.93 from yesterday’s close of 1,502.07.

The benchmark index opened 0.74 of-a-point weaker at 1,501.33.

On the broader market, losers surpassed gainers 203 to 130, while 231 counters were unchanged, 1,679 untraded and 18 others suspended.

Turnover stood at 241.64 million units worth RM71.89 million.

Malacca Securities Sdn Bhd said while profit-taking activities may occur today following the recent gains, the firm continues to expect a relatively positive market undertone moving forward as investors could shrug off concerns over the aggressive interest rate hikes in the United States (US).

“As for commodities, the crude oil price had tumbled, trading around the US$100 (RM445) per barrel mark amid renewed demand concerns, while the crude palm oil price had declined but is still hovering above RM4,000 per tonne,” it said in a note.

The brokerage said as investors begin to shift their focus toward the earnings season, companies with solid performance might come under the limelight.

Investors may be on the lookout for sectors such as technology stocks on the back of a stronger greenback and guidance from US tech giants, while the banking and consumer sectors could be set for a decent earnings recovery amid the pent-up demand during the second quarter.

“Besides, the plantation sector could benefit from the recent price hike,” it added.

Among the heavyweights, both Maybank and IHH Healthcare were flat at RM8.87 and RM6.50, respectively, Public Bank rose one sen to RM4.65, Petronas Chemicals lost eight sen to RM8.87 and CIMB slid one sen to RM5.24.

Of the actives, CSH Alliance and Dagang Nexchange were half-a-sen lower at 7.0 sen and 82 sen, respectively, while Borneo Oil, PUC and Mag Holdings were flat at 2.5 sen, 4.5 sen and 18 sen, respectively.

On the index board, the FBM Emas Shariah Index slipped 38.13 points to 10,794.96, the FBM ACE was down by 32.10 points to 4,876.64, the FBMT 100 Index declined 23.79 points to 10,388.78, the FBM Emas Index decreased 23.89 points to 10,644.32 and the FBM 70 slipped 37.26 points to 12,760.06.

Sector-wise, the Plantation Index weakened 8.97 points to 7,110.21, the Industrial Products and Services Index contracted 0.91 of-a-point to 185.12 and the Energy Index reduced 7.30 points to 668.71, while the Financial Services Index edged up 0.28 of-a-point to 16,664.10. ― Bernama