Bursa Malaysia opens lower

Bursa Malaysia opens lower
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KUALA LUMPUR (Oct 14): Bursa Malaysia opened lower on Thursday due to mild profit-taking in selected heavyweights following recent gains.

At 9.03am, the FTSE Bursa Malaysia KLCI (FBM KLCI) decreased 0.16 of-a-point to 1,600.22 from 1,600.38 at Wednesday’s close.

The bellwether index opened 1.28 points higher at 1,601.66.

Market breadth was positive as gainers led losers 219 to 101, while 289 counters were unchanged, 1,683 untraded and 17 others suspended.

Turnover stood at 170.27 million units worth RM71.87 million.

Rakuten Trade Research said the FBM KLCI is expected to trend around the 1,610-1,620 levels.

“Judging by the recent buying activities, we do not anticipate any major profit-taking activities anytime soon,” it said in a note on Thursday.

Meanwhile, crude palm oil (CPO) continues to defy consensus forecasts as it is now settling at above RM5,000/tonne, it said.

“Though plantation stocks may have risen, we like those with high dividend yield, namely FGV, Hap Seng Plant, Sime Plant and Ta Ann, as 2021 will be another bumper year for plantation companies,” it added.

Of the heavyweights, Malayan Banking Bhd bagged one sen to RM8.30, Public Bank Bhd rose two sen to RM4.21, and Petronas Chemicals Group Bhd and IHH Healthcare Bhd were four sen higher at RM8.79 and RM6.78, respectively.

Among the actives, Tanco Holdings Bhd was flat at 25 sen, Emico Holdings Bhd increased six sen to 43.5 sen, while Konsortium Nasional Bhd fell 2.5 sen to 19.5 sen.

Top gainers were United U-Li Corp Bhd, which soared eight sen to RM1.67, and BSL Corp Bhd and Genting Plantations Bhd, which improved six sen each to RM2.30 and RM7.74, respectively.

Of the top losers, Opcom Holdings Bhd fell eight sen to RM1.59, Sime Darby Plantation Bhd and Telekom Malaysia Bhd eased five sen each to RM4.40 and RM5.86, respectively.

On the index board, the FBM Emas Index was higher by 7.32 points at 11,749.23 and the FBMT 100 Index edged up 3.95 points to 11,392.44.

The FBM Emas Shariah Index added 9.64 points to 12,840.49, the FBM 70 was 25.14 points firmer at 15,315.25, and the FBM ACE declined 9.57 points to 7,188.78.

Sector-wise, the Financial Services Index bagged 16.59 points to 15,734.09, the Industrial Products and Services Index perked 0.28 of-a-point to 211.95, and the Plantation Index reduced 10.77 points to 7,087.3.