KUALA LUMPUR, May 22 ― Bursa Malaysia snapped its seven-day winning streak to open lower today as investors raked in profits ahead of Hari Raya Aidilfitri holiday which would begin from Sunday till next Tuesday.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 4.25 points, or 0.29 per cent to 1,447.86 compared with yesterday’s close of 1,452.11.
The index opened 0.74 of-a-point lower at 1,451,37.
Market breadth was slightly positive, with gainers edging losers 188 to 184, while 258 counters were unchanged, 1,277 untraded and 49 others suspended.
Turnover stood at 270.32 million units worth RM169.23 million.
Malacca Securities Sdn Bhd said as the country approaches the extended weekend festive break, profit-taking allow investors to digest the recent winning streak, of which the key index had raked in some five per cent gains since the start of last week.
“We think that a pullback is due on the FBM KLCI. Besides, the weakness across global equities coupled with the toppish conditions may trigger a pullback on the local bourse over the near term,” it said in a note today.
Technically, the brokerage firm said indicators are looking increasingly overbought which may prompt a pullback for the key index to be supported at the 1,430 level.
“Upsides are limited at the 1,480 and 1,500 levels respectively,” it added.
Among heavyweights, IHH and Petronas Chemicals lost 14 sen each to RM5.56 and RM6.03, Axiata eased five sen to RM3.72, Genting Malaysia retreated seven sen to RM2.29 and Genting was 10 sen weaker at RM3.98.
Of the most actives, KUB slipped four sen to 42 sen, Comfort Glove shrank 11 sen to RM2.65, MLABS added half-a-sen to four sen, while Green Packet warrant and Excel Force MSC bagged two sen each to 33 sen and 54.5 sen respectively.
On the index board, the FBM Emas Index slid 26.68 points to 10,278.42, the FBMT 100 Index trimmed 36.64 points to 10,112.68, the FBM Emas Shariah Index was 32.65 points easier at 11,718.65.
The FBM ACE declined 19.89 points to 5,488.69 and the FBM 70 weakened 74.99 points to 12,846.08.
Sector-wise, the Industrial Products and Services Index edged down 1.13 points to 126.14 but the Financial Services Index advanced 5.10 points to 12,553.79 and the Plantation Index perked 1.47 points at 6,828.52. ― Bernama
