Bursa Malaysia retreats from previous gains, opens lower

Bursa Malaysia retreats from previous gains, opens lower

At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 5.41 points to 1,502.30 from yesterday’s close of 1,507.71. ― Picture by Razak Ghazali

Friday, 05 Aug 2022 9:46 AM MYT

KUALA LUMPUR, Aug 5 ― Bursa Malaysia retreated from its previous gains to open lower on Friday, due to profit-taking activities in selected heavyweights, in tandem with the mixed performance on the Wall Street overnight, a dealer said.

At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 5.41 points to 1,502.30 from yesterday’s close of 1,507.71.

The benchmark index opened 2.64 points weaker at 1,505.07.

On the broader market, losers surpassed gainers 146 to 110, while 195 counters were unchanged, 1,796 untraded and nine others suspended.

Turnover stood at 151.70 million units worth RM45.21 million.

Malacca Securities Sdn Bhd said the Dow Jones Index fell by 0.3 per cent following a mixed bag of corporate earnings, ahead of the United States’ (US) unemployment rate data which would be released later today.

It noted that the European stock markets extended their gains, while the Asia stock markets remained mostly upbeat.

“We believe sentiment is likely to stay positive for the session as investors have shrugged off the US-China geopolitical tension to focus on the upcoming earnings season,” the brokerage said in a note today.

On commodities, it said the crude oil price declined further to the US$94 (RM419) per barrel mark ― its lowest level since the start of the Ukraine-Russia war, while the crude palm oil price saw a mild improvement and remained above RM3,800 per tonne.

As for sectors in focus, the firm said the technology sector may extend its uptrend, tracking the gains in Nasdaq.

“Meanwhile, the banking sector may see buying interest ahead of the earnings season. On the contrary, the energy sector should face further selling pressure amidst declining crude oil price,” it added.

Among the heavyweights, Maybank, IHH Healthcare and CIMB all fell by 2.0 sen to RM8.88, RM6.44 and RM5.23, respectively, Public Bank lost 1.0 sen to RM4.64, while Petronas Chemicals was flat at RM8.86.

Of the actives, EURO Holding rose 3.5 sen to 19.5 sen, Unique Fire slid 4.5 sen to 21.5 sen, CSH Alliance was half-a-sen lower at 4.5 sen, while TWL and MQ Technology were flat at 6.5 sen and 3.5 sen, respectively.

On the index board, the FBM Emas Shariah Index declined 37.50 points to 10,830.23, the FBMT 100 Index narrowed 29.32 points to 10,414.52, the FBM Emas Index slipped 27.72 points to 10,666.56 and the FBM 70 gave up 3.01 points to 12,801.26, while the FBM ACE went up 2.31 points to 4,887.59.

Sector-wise, the Financial Services Index reduced by 11.96 points to 16,653.25, the Industrial Products and Services Index went down 0.39 of-a-point to 185.58, the Energy Index lessened by 2.29 points to 658.78 and the Plantation Index weakened by 31.83 points to 7,052.16. ― Bernama