KUALA LUMPUR, July 9 — Share prices on Bursa Malaysia opened lower this morning on profit taking after recording a new all-time high for the second straight day, dealers said.
At 9.40am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.26 points lower at 1,890.39 after opening 4.22 points weaker at 1,888.43.
In a research note today, MaybankIB Research has recommended a ‘buy on dips’ stance for the local index.
“We expect firm buying interest near the supports of 1,875 to 1,891, whilst minor profit taking will emerge at the resistances of 1,894 and 1,896. The index’s next two upside targets are at 1,900 and 1,918,” it said.
On the scoreboard, the Finance Index decreased 6.59 points to 17,390.92, the Plantation Index slipped 9.06 points to 9,224.73 and the Industrial Index dipped 12.39 points to 3,262.83.
The FBM Emas Index declined 18.51 points to 13,145.18, the FBMT100 Index shed 18.12 points to 12,755.17, the FBM Ace erased 17.31 points to 6,767.13 and the FBM 70 fell 31.48 points to 14,399.94.
Market breadth was negative as losers outpaced gainers 239 to 151 with 271 counters unchanged and 967 counters untraded, including 14 suspended.
Turnover stood at 333.28 million shares worth RM172.39 million.
Among actives, China Stationery earned half a sen to 9.5 sen, while Mulpha International, K-Star Sports and PDZ Holdings were flat at 47.5 sen, 13 sen and 15 sen, respectively.
Of the heavyweights, Maybank, Public Bank and CIMB were flat at RM9.95, RM20.00 and RM7.28, respectively, while TNB lost eight sen to RM12.40. — Bernama
