Bursa Malaysia erases morning gains on profit taking

Profit taking push Bursa Malaysia into the red at the end of morning trade. — Picture Ahmad Zamzahuri
Profit taking push Bursa Malaysia into the red at the end of morning trade. — Picture Ahmad Zamzahuri

KUALA LUMPUR, Sept 29 — Bursa Malaysia erased earlier gains to end the morning session in the red on profit taking, especially in healthcare-linked stocks.

Top Glove declined 36 sen to RM8.41, while Hartalega lost 42 sen to RM17.

On the broader market, losers beat gainers 490 to 408, while 417 counters were unchanged, 794 untraded and 43 others suspended.

Total volume stood at 2.73 billion shares worth about RM1.7 billion.

However, an analyst ssid the losses were capped by buying in banking stocks, following the end of the automatic six-month moratorium tomorrow and the start of the targeted moratorium approach, which would put gross impaired loans ratio at a manageable level.

“Furthermore, it is the end of third quarter, so many portfolio managers are taking the opportunity to buy quite resilient stocks, including finance and banking stocks,” he said.

At 12.30 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 1.32 points to 1,510.34 from yesterday’s close of 1,511.66.

It moved between 1,500.52 and 1,517.33 throughout the morning trading session, after opening 1.09 points higher at 1,512.75.

The analyst added that the new fiscal stimulus proposed by the United States’ (US) politicians as well as the stronger Chinese economic report have boosted investors’ sentiment and supported the equity markets.

“But they (investors) are closely monitoring the first US presidential debate scheduled today,” he added.

Among the heavyweights, both Maybank and Tenaga rose 10 sen to RM7.20 and RM10.72, respectively, while IHH and Petronas Chemicals slipped one sen each to RM5.25 and RM5.50, respectively.

Of the actives, XOX shed 2.5 sen to 15 sen, Ikhmas Jaya was down 1.5 sen to 16.5 sen, Kanger International added one sen to 21.5 sen, while Priceworth was flat at three sen.

On the index board, the FBM Emas Index lost 11.10 points to 10,876.18 and the FBM Emas Shariah Index dropped 72.85 points to 12,972.20.

The FBM 70 weakened 19.39 points to 14,183.21, the FBMT 100 Index was 10.71 points lower at 10,700.27 and the FBM ACE gave up 73.71 points to 9,980.14.

Sector-wise, the Financial Services Index jumped 134.29 points to 12,461.75, the Plantation Index went up 17.48 points to 7,081.06 and the Industrial Products and Services Index inched up 0.30 of-a-point to 136.07. — Bernama

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