(Updated)

Bursa opens lower on continued profit taking

Bursa opens lower on continued profit taking
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KUALA LUMPUR (Sept 30): Bursa Malaysia opened lower on Thursday due to continued profit-taking in selected heavyweights, as sentiments remained weak on concerns over the bearish economic outlook, dealers said.

At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 12.49 points to 1,537.39 from Wednesday’s close of 1,547.65.   

It opened 1.22 points lower at 1,546.43.  

Market breadth was negative with losers outpacing gainers 269 to 149, while 266 counters were unchanged, 1,623 untraded and 68 others suspended.

Turnover stood at 395.03 million units worth RM190.34 million.

In a research note on Thursday, Malacca Securities Sdn Bhd said it expected to see some follow-through buying interest in the transportation and logistics counters, given the strong momentum in the stocks on Wednesday.

“Besides, investors may continue to stock up on bashed-down stocks in recovery theme sectors such as aviation and consumer.

“Also, we believe that some construction and property companies are seeing significant trading interest after the tabling of 12th Malaysia Plan, ahead of Budget 2022,” it said.

It noted that the FBM KLCI finished in the positive territory on Wednesday, boosted by last-minute buying activities. 

“Meanwhile, the energy sector staged a pullback in tandem with the decline in crude oil price, but crude palm oil (CPO) rebounded and may retest the RM4,500 per tonne level,” it said.

Among the heavyweights, Maybank slipped 2.0 sen to RM8.08, Public Bank declined 3.0 sen to RM4.07, Petronas Chemicals and IHH Healthcare went down 4.0 sen each to RM8.68 and RM6.66, respectively, while TNB added 1.0 sen to RM9.76.

Of the actives, Sapura Energy eased half-a-sen to 11.5 sen, Serba Dinamik slipped 1.0 sen 32.5 sen, while Widad Group rose 1.0 sen to 39.5 sen and Impiana Hotels earned half-a-sen to 9.0 sen.

CEKD added 9.0 sen to 57 sen, Encorp improved 9.5 sen to 69 sen, DNex eased half-a-sen to 80 sen and Pegasus Heights was flat at 1.0 sen.

On the index board, the FBM Emas Index declined 63.70 points to 11,281.32, the FBMT 100 Index shed 66.08 points to 10,973.75, the FBM Emas Shariah Index went down 77.41 points to 12,316.94, the FBM 70 was 0.81 of-a-point higher at 14,926.67, and the FBM ACE narrowed by 3.22 points to 7,161.85.   

Sector-wise, the Industrial Products and Services Index eased 0.82 of-a-point to 204.25, the Plantation Index dipped 33.55 points to 6,314.77, and the Financial Services Index slipped 69.42 points to 15,190.45.