KUALA LUMPUR, Nov 10 — Bursa Malaysia opened higher today, but retreated thereafter as continued profit-taking in selected heavyweights bested earlier gains, dealers said.

At 9.23am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 3.94 points to 1,520.09 from Tuesday's close of 1,524.03, after opening 2.0 points higher at 1,526.03.

On the broader market, losers led gainers 267 to 201, while 302 counters were unchanged, 1,514 untraded and 17 others suspended.

Turnover amounted to 488.59 million units worth RM247.20 million.

In a research note today, Malacca Securities Sdn Bhd said traders may start focusing on 5G-related counters following the launch of the country’s first 5G network today, with the government anticipating further expansion for the network next year.

It noted that on Tuesday, the FBM KLCI skidded on the back of selling pressure amidst the mixed regional market performances, despite the better Industrial Production Index (IPI) data for September 2021 and improved employment readings.

"The energy sector was the sole gainer on the broader market as crude oil price remained elevated, hovering above the US$84 per barrel at the time of writing,” it said.

As for today, the research firm anticipated that the oil and gas counters would continue to gain traction in line with the advanced crude oil price.

"While investors may remain on tenterhooks ahead of the Melaka state election, we believe the bashed-down counters could be a sweet spot for bargain hunting activities, especially counters with solid earnings prospects,” it added.

Among the heavyweights, Maybank and IHH Healthcare were flat at RM7.99 and RM6.45, respectively, Public Bank slipped 1.0 sen to RM4.02, Petronas Chemicals declined 4.0 sen to RM8.25 and TNB fell 2.0 sen to RM9.59.

Of the actives, Eduspec was flat at 1.5 sen and KNM Group eased half-a-sen to 20 sen, while Tanco Holdings earned half-a-sen to 27 sen and Bintai Kinden added 3.5 sen to 39.5 sen.

On the index board, the FBM Emas Index decreased 18.51 points to 11,270.86, the FBMT 100 Index shed 21.07 points to 10,898.51, the FBM Emas Shariah Index dipped 16.53 points to 12,281.51, the FBM ACE rose 12.76 points to 6,929.33 and the FBM 70 weakened by 0.89 of-a-point to 14,951.04.

Sector-wise, the Industrial Products and Services Index edged down 0.44 of-a-point to 200.78, the Plantation Index reduced 18.25 points to 6,633.61, and the Financial Services Index was 36.98 points lower at 15,093.13. — Bernama