Business

Bursa Malaysia opens higher but eases thereafter


On the broader market, gainers equalled decliners at 204, while 332 counters were unchanged, 1,531 untraded and six others suspended. — Bernama pic
On the broader market, gainers equalled decliners at 204, while 332 counters were unchanged, 1,531 untraded and six others suspended. — Bernama pic

KUALA LUMPUR, Oct 12 — Bursa Malaysia saw a pullback in early trade today, failing to sustain gains recorded in the last five sessions as profit-taking activities emerged.

At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 4.94 points to 1,565.88 compared with 1,570.82 at Monday’s close.

The bellwether index opened 1.52 points better at 1,572.34.

On the broader market, gainers equalled decliners at 204, while 332 counters were unchanged, 1,531 untraded and six others suspended.

Turnover increased to 254.89 million units worth RM137.65 million.

Malacca Securities Sdn Bhd said the US stock markets extended their losses as the Dow fell 0.7 per cent after the current rally of crude oil prices sparked further concern that the inflationary pressure may not be transitionary.

Crude oil price was traded above US$83 per barrel mark, while crude palm oil (CPO) price is consolidating around the all-time-high region.

“Despite the selling pressure on Wall Street, we expect foreign funds that have continuously been buying into the local equities, coupled with the firmer commodity prices in crude oil and CPO, will provide a healthy sentiment to the local exchange over the near term.

“As Malaysia is ready to enter the endemic phase, prospects of the economic recovery should persist and positive momentum could continue at least for the near term,” it said in a note.

It said recovery-theme stocks are still under the limelight following the interstate border reopening announcement, with renewable energy counters may trade higher ahead of Budget 2022.

Among heavyweights, Nestle lost RM2 to RM132.50, KLK was 36 sen weaker at RM22.34, Public Bank retreated two sen to RM4.09, and Sime Darby Plantation reduced four sen to RM4.23.

See also  Roller-coaster in Asia after stocks dive on Wall Street

Axiata and Top Glove fell three sen to RM3.97 and RM2.78, respectively.

IHH continued its uptrend, adding three sen to RM6.71 and Digi was two sen higher at RM4.30.

As for the active counters, Kejuruteraan Asastera increased three sen to 40 sen, while Mudajaya and Serba Dinamik were unchanged at eight sen and 40.5 sen, respectively.

Sern Kou rose 1.5 sen to 62 sen and Euro Holdings was 3.5 sen higher at 74 sen.

On the index board, the FBM Emas Index was lower by 19.66 points at 11,552.62, the FBMT 100 Index decreased 23.59 points to 11,190.38, the FBM Emas Shariah Index dropped 17.20 points to 12,669.09, the FBM 70 inched up 13.80 points to 15,209.83, and the FBM ACE declined 35.31 points to 7,171.40.

Sector-wise, the Financial Services Index slid 36.44 points to 15,317.02, the Industrial Products and Services Index bagged 0.06 of-a-point to 210.83, and the Plantation shed 34.08 points to 7,009.33. — Bernama



READ SOURCE

Leave a Reply