KUALA LUMPUR: Bursa Malaysia snapped a three-day winning streak to open lower today on profit-taking following the overnight pullback on Wall Street, an analyst said.
At 9.15 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) narrowed 2.56 points to 1,463.24 from last Friday’s close of 1,465.80.
The benchmark index opened 2.02 points lower at 1,463.78.
On the broader market, losers led gainers 255 to 120, while 224 counters were unchanged, 1,697 untraded and 26 others suspended.
Turnover stood at 204.87 million units worth RM85.73 million.
In a research note today, Malacca Securities Sdn Bhd said the broader market, however, might be positive-bias over the near term as it had dropped significantly over the past two weeks into the oversold region.
“This week, investors will be watching closely on the United States Federal Reserve’s interest rate decision.
“Meanwhile, commodities-wise, crude oil stabilised at around US$103 (per barrel), while crude palm oil traded above RM3,700 (per tonne),“ it said.
The brokerage firm said the technology sector might see some consolidation due to the drop in Nasdaq overnight and concerns over the interest rate hike in the US this week.
Malacca Securities said investors were expected to favour banking and solid consumer stocks prior to the August reporting season.
Among the Bursa heavyweights, Maybank decreased two sen to RM8.79, Public Bank slipped one sen to RM4.56, and CIMB Group declined three sen to RM5.22, while Petronas Chemicals gained four sen to RM8.64 and IHH Healthcare added one sen to RM6.49.
Of the actives, Top Glove advanced 3.5 sen RM1.03, Careplus Group and Supermax Corporation perked two sen each to 44 sen and 84 sen, respectively, BSL Corporation gave up half-a-sen to nine sen, and Borneo Oil was flat at 2.5 sen.
On the index board, the FBM Emas Index fell 24.61 points to 10,371.47, the FBM Emas Shariah Index trimmed 25.19 points to 10,436.55, the FBM 70 was 50.87 points lower at 12,399.16, the FBMT 100 Index shed 23.28 points to 10,130.56 and the FBM ACE dropped 57.84 points to 4,731.33.
Sector-wise, the Plantation Index lost 3.25 points to 6,863.00, the Energy Index slid 4.23 points to 638.61, the Industrial Products and Services Index eased 0.27 of-a-point to 176.77, and the Financial Services Index weakened 28.87 points to 16,420.82.
— Bernama