KUALA LUMPUR, Feb 29 ― Share prices on Bursa Malaysia extended last week's losses to start off the week marginally lower today, while weakened by continued profit taking in selected heavyweights, dealers said.
At 9.08am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.04 points lower at 1,660.40, from last Friday's close of 1,663.44.
The index opened 1.46 points weaker at 1,661.98.
Following the decline on Friday, AllianceDBS Research feels that the FBM KLCI is likely to move lower this week with the immediate support at 1,648 points.
“A fall below 1,648 points would put pressure on the index, forcing it down to the subsequent support zones of 1,618 – 1,631 points.
“The moving average analysis shows that the weekly FBM KLCI is on a downtrend with a sideways bias, as the benchmark index is seen to be making attempts to keep close to the 50-week moving average line,” it said in a research note today.
On the scoreboards, the FBM Emas Index slipped 18.04 points to 11,522.60, the FBMT100 Index declined 19.73 points to 11,225.70, the FBM Emas Shariah Index dipped 13.65 points to 12,296.53, the FBM 70 fell 19.45 points to 12,756.67 and the FBM Ace slid 5.38 points to 5,685.22.
Sector-wise, the Plantation Index was 5.78 points lower at 7,831.31, the Industrial Index shed 20.16 points to 3,229.31 and the Finance Index contracted 22.04 points to 14,006.47.
Market breadth was slightly positive with gainers outpacing losers 127 to 124, with 134 counters unchanged, 1,374 untraded and 44 others suspended.
Turnover stood at 183.32 million shares worth RM62.22 million.
Of the heavyweights, Maybank rose three sen to RM8.56, TNB added four sen to RM13.22, as Petronas Chemicals and IHH Healthcare declined one sen each to RM6.77 and RM6.49 respectively.
Of the active counters, Borneo Oil advanced one sen to 15 sen, SKH Consortium earned half-a-sen to eight sen, AirAsia X improved three sen to 26 sen, while AirAsia gained six sen to RM1.45. ― Bernama
