(Updated)

Bursa opens higher but retreats thereafter

Bursa opens higher but retreats thereafter
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KUALA LUMPUR (Nov 10): Bursa Malaysia opened higher on Wednesday (Nov 10), but retreated thereafter as continued profit taking on selected heavyweights bested earlier gains, dealers said.

At 9.23am, the benchmark FBM KLCI had slipped 3.94 points to 1,520.09 from Tuesday's close at 1,524.03 after opening two points higher at 1,526.03.

On the broader market, losers led gainers 267 to 201, while 302 counters were unchanged, 1,514 untraded and 17 others suspended.

Turnover amounted to 488.59 million units worth RM247.2 million.

In a research note on Wednesday, Malacca Securities Sdn Bhd said traders may start focusing on 5G-related counters following the launch of the country’s first 5G network, with the government anticipating further expansion of the network next year.

It noted that on Tuesday, the KLCI skidded on the back of selling pressure amid mixed regional market performances despite better Industrial Production Index (IPI) data for September 2021 and improved employment readings.

“The energy sector was the sole gainer on the broader market as crude oil prices remained elevated, hovering above US$84 (about RM348.64) per barrel at the time of writing,” it said.

As for Wednesday, the research firm anticipated that oil and gas counters would continue to gain traction in line with the advanced crude oil prices.

“While investors may remain on tenterhooks ahead of the Melaka state election, we believe the bashed-down counters could be a sweet spot for bargain-hunting activities, especially counters with solid earnings prospects,” it added.

Among the heavyweights, Malayan Banking Bhd (Maybank) and IHH Healthcare Bhd were flat at RM7.99 and RM6.45 respectively, Public Bank Bhd slipped one sen to RM4.02, Petronas Chemicals Group Bhd (PetChem) declined four sen to RM8.25 and Tenaga Nasional Bhd (TNB) fell two sen to RM9.59.

Of the actives, Eduspec Holdings Bhd was flat at 1.5 sen and KNM Group Bhd eased half a sen to 20 sen, while Tanco Holdings Bhd earned half a sen to 27 sen and Bintai Kinden Corp Bhd added 3.5 sen to 39.5 sen.

On the index board, the FBM Emas Index decreased 18.51 points to 11,270.86, the FBMT 100 Index shed 21.07 points to 10,898.51, the FBM Emas Shariah Index dipped 16.53 points to 12,281.51, the FBM ACE rose 12.76 points to 6,929.33 and the FBM 70 weakened by 0.89 of a point to 14,951.04.

Sector-wise, the Industrial Products and Services Index edged down 0.44 of a point to 200.78, the Plantation Index reduced 18.25 points to 6,633.61 and the Financial Services Index was 36.98 points lower at 15,093.13.