Money
Bursa Malaysia opens lower on profit-taking
An investor monitors the stock prices in the gallery of the RHB Investment Bank Bhd headquarters in Kuala Lumpur March 17, 2020. u00e2u20acu2022 Picture by Hari Anggara

KUALA LUMPUR, Sept 29 ― Bursa Malaysia opened lower today due to profit-taking in selected heavyweights following yesterday’s gains, whilst echoing the weaker sentiment on the regional market, dealers said.

At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 9.43 points to 1,537.39 from yesterday’s close of 1,546.82.   

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It opened 4.86 points lower at 1,541.96. 

Market breadth was negative with losers outpacing gainers 389 to 116, while 275 counters were unchanged, 1,524 untraded and 85 others suspended.

Turnover stood at 392.98 million units worth RM237.78 million.

In a research note today, Malacca Securities Sdn Bhd said despite the bullish economic outlook, investors may remain cautious today while waiting for economic activities to return to normal.

"The FBM KLCI finished higher yesterday on the back of positive sentiments as investors digested the positive economic outlook in the 12th Malaysia Plan, as well as the rally in the energy sector after the crude oil price climbed above the US$80 per barrel mark.

"However, the crude oil price’s pullback to below the US$80 mark may see some profit-taking activities emerging. Nevertheless, we still expect defensive sectors such as consumer and healthcare to return under the limelight,” it said.

Among the heavyweights, Maybank slipped 2.0 sen to RM8.08, Public Bank declined 4.0 sen to RM4.07, Petronas Chemicals went down 5.0 sen to RM8.60 and IHH Healthcare was flat at RM6.70, while TNB rose 6.0 sen to RM9.74.

Of the actives, 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 59.56 points to 11,272.27, the FBMT 100 Index shed 62.03 points to 10,966.96, the FBM Emas Shariah Index went down 72.51 points to 12,302.77, the FBM was 63.43 points lower at 14,828.75, and the FBM ACE narrowed by 45.78 points to 7,140.30.  

Sector-wise, the Industrial Products and Services Index eased 0.93 of-a-point to 203.16, the Plantation Index dipped 16.47 points to 6,319.09, and the Financial Services Index slipped 42.08 points to 15,188.95. ― Bernama

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