Bursa opens higher but retreats thereafter

Bursa opens higher but retreats thereafter
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KUALA LUMPUR (Nov 9): Bursa Malaysia opened slightly higher on Tuesday (Nov 9), but retreated thereafter as mild profit taking started to emerge in selected heavyweights after Monday's gains, dealers said.

At 9.55am, the benchmark FBM KLCI had slipped 2.67 points to 1,532.74 from Monday's close at 1,535.41. It opened 0.14 of a point higher at 1,535.55.

On the broader market, losers led gainers 241 to 185, while 330 counters were unchanged, 1,521 untraded and 18 others suspended.

Turnover amounted to 453.28 million units worth RM234.47 million.

In a research note on Tuesday, Malacca Securities Sdn Bhd said it expects market players to trade cautiously in view of the upcoming Melaka state election.

“Despite the lacklustre trading activities on the local front, we noticed that foreign funds had been buying into local equities over the past two trading days.

“However, we expect that the broader market will trade in range-bound mode while investors are on the lookout for the unemployment and gross domestic product data to be released on Tuesday and Friday respectively,” it said.

Meanwhile, the research firm said that the Malaysia-Singapore quarantine-free travel lane will be launched for fully-vaccinated citizens at the end of this month, signalling brighter prospects for the aviation, tourism and consumer sectors.

“Investors may position themselves in the aviation, tourism and consumer sectors as they might benefit from the quarantine-free travel lane proposal.

“Additionally, technology stocks may be in the limelight following ViTrox Corp Bhd’s bonus issue and JF Technology Bhd’s Main Market transfer announcements respectively,” it added.

Among the heavyweights, Malayan Banking Bhd (Maybank) and Petronas Chemicals Group Bhd (PetChem) added one sen each to RM8.02 and RM8.31 respectively, whereas IHH Healthcare Bhd rose six sen to RM6.57, while Public Bank Bhd fell one sen to RM4.03 and Tenaga Nasional Bhd (TNB) declined two sen to RM9.65.

Of the actives, Ecomate Holdings Bhd slipped 1.5 sen to 47 sen, KNM Group Bhd eased half a sen to 21 sen, Eduspec Holdings Bhd was flat at two sen and Tafi Industries Bhd gained 28 sen to RM3.01.

On the index board, the FBM Emas Index decreased 20.45 points to 11,344.68, the FBMT 100 Index shed 19.76 points to 10,977.83, the FBM Emas Shariah Index dipped 26.21 points to 12,372.24, the FBM ACE slipped 23.50 points to 7,030.33 and the FBM 70 weakened by 29.31 points to 15,015.65.

Sector-wise, the Industrial Products and Services Index edged down 0.35 of a point to 202.05, the Plantation Index reduced 3.97 points to 6,725.19 and the Financial Services Index was 17.20 points lower at 15,154.09.