Bursa Malaysia opens mixed

Bursa Malaysia opens mixed
-A +A

KUALA LUMPUR (Jan 25): Bursa Malaysia slightly retreated from last week gains to open mixed today, in line with mixed sentiment in regional markets, as investors remained cautious over the first US Federal Reserve (Fed) meeting under President Joe Biden administration later today.

At 9.20am, the FBM KLCI had risen 0.06 of a point to 1,596.80 from 1,596.74 at last week’s close.

The index opened 3.80 points higher at 1,600.54.

On the broader market, losers pipped gainers 617 to 183, while 289 counters were unchanged, 1,209 untraded and 20 others suspended.

Total volume stood at 904.80 million units worth RM590.42 million.

Tracking a mixed performance on Wall Street last Friday, Malacca Securities expects the mild rebound of the KLCI last Friday to fizzle out today, and market sentiment is expected to be cautious ahead of the first US Fed meeting under the Joe Biden administration, as well as the holiday-shortened week.

“As we are heading into the reporting season, investors may turn to selected sectors with high earnings certainty while Covid-19 cases continue to rise.

“Based on the upcoming reporting season, we reckon the technology, plantation and furniture sectors to be the potential winners and will be on traders’ radar,” it said in a research note today.

Among the heavyweights, Malayan Banking Bhd (Maybank) and Tenaga Nasional Bhd (TNB) slipped four sen each to RM76.96 and RM9.74 respectively, Public Bank Bhd declined 18 sen to RM21.48, and Petronas Chemicals Group Bhd (PetChem) fell 10 sen to RM7.27, while Top Glove Corp Bhd added 21 sen to RM6.46.

Of the actives, Dagang NeXchange (DNeX) was up 2.5 sen at 28.5 sen, and Bioalpha Holdings Bhd perked 1.5 sen to 31.5 sen, while QES Group Bhd shed 1.5 sen to 36.5 sen, and DGB Asia Bhd eased half a sen to 8.5 sen.

On the index board, the FBM Emas Index went down 39.24 points to 11,524.38, the FBMT 100 Index reduced 32.03 points to 11,262.73, and the FBM Emas Shariah Index was 1.48 points lower at 13,047.47.

The FBM 70 dipped 168.35 points to 14,733.33, and the FBM ACE decreased 75.82 points to 10,682.19.

Sector-wise, the Financial Services Index dropped 146.09 points to 14,739.57, the Plantation Index contracted 3.79 points to 7,219.37, and the Industrial Products and Services Index slipped 2.55 points to 174.80.