KUALA LUMPUR, Aug 10 — Bursa Malaysia opened higher but retreated thereafter, tracking the cautious performance of regional peers despite major US stock indices closing mostly higher on Friday.
Investors are keeping their eyes on the renewed tensions between the US and China.
At 9.06am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 6.27 points to 1,571.87 from last Friday's close of 1,578.14.
The key index opened 1.15 points higher at 1,579.29.
However, market breadth was positive, with gainers outpacing losers 464 to 147, while 269 counters were unchanged, 1,090 untraded and 18 others suspended.
Trading volume stood at 1.86 billion shares worth RM452.27 million.
Malacca Securities Sdn Bhd in a note said although trading activity rose to a fresh record high, there have been signs of pullback taking shape with traders quick to lock in gains in the overheating market environment.
“On the local bourse, the lack of fresh catalysts and political uncertainties may keep any gains in check.
“We also think that a pullback is due owing to the overbought condition among the lower liners as evidenced by the negative market breadth,” it said.
On the sector in focus, it said amid the renewed volatility, safe haven-related stocks are seen outperforming, supported by gold prices hovering near an all-time high.
Healthcare-related stocks may also come into play again amid the rising number of Covid-19 cases across the globe, it added.
Of the heavyweights, Maybank improved one sen to RM7.51, Public Bank gained four sen to RM16.80 and Tenaga added eight sen to RM11.02.
Top Glove fell 16 sen to RM27.98 and Hartalega dropped 92 sen to RM18.22.
Of the most active, Borneo Oil added 1.5 sen to nine sen, Trive Property, Pegasus and XOX bagged one sen each to three sen, five sen and 30 sen respectively while Vicocom edged up half-a-sen to 3.5 sen
The top gainers are Hong Leong, INIX Technologies and its warrant and Adventa, while the top losers include Malaysia Pacific Industries, Hartalega, Kossan, Rubberex and Comfort Gloves.
On the index board, the FBM Emas Index slipped 31.03 points to 11,335.34, the FBM Emas Shariah Index was 51.52 points lower at 13,446.03 and the FBMT 100 Index weakened 35.87 points to 11,142.93.
The FBM 70 shed 14.33 points to 14,796.14 while the FBM ACE surged 405.07 points to 10,721.58.
Sector-wise, the Financial Services Index was up 35.80 points at 12,951.89, the Plantation Index added 2.52 points to 6,966.27 but the Industrial Products and Services Index eased 0.70 point to 140.27. — Bernama
