KUALA LUMPUR, Nov 11 ― Bursa Malaysia was easier in early trade today, as profit-taking dominated trading following yesterday’s strong gains, dealers said.

At 9.12am, the benchmark index FTSE Bursa Malaysia KLCI (FBM KLCI) shed 10.49 points to 1,564.58 after opening 2.38 points lower at 1,572.69.

On the broader market, gainers slightly outnumbered losers 325 to 301, while 1,194 counters were unchanged, 347 untraded and 33 others suspended.

Total volume stood at 1.61 billion worth RM627.26 million.

Rakuten Trade Sdn Bhd said the FBM KLCI might see some headwinds ahead after yesterday’s solid show.

“The benchmark index, which enjoyed broad-based buying, may continue to see funds looking at value propositions at the expense of Covid-19-related ones, namely the glove counters.

“Therefore, we reckon the FBM KLCI to trend within the 1,560-1,580 range today,” the research firm said in a note today.

However, Malacca Securities Sdn Bhd reckoned that further upsides were still in the cards, although the move might also attract profit-taking activities in the interim.

It said investors might start to lock in their gains to digest the recent run-up before returning with fresh legs for further upside.

“Although the lower liners are also looking toppish, any weaknesses will be cushioned by the improvement in trading liquidity in recent days,” it said.

The research house continues to favour the energy sector following rising crude oil prices.

Likewise, the plantation sector might also perform on a positive note with crude palm oil prices remained above RM3,200 metric tonne,” it said.

Among heavyweights, Maybank slid 11 sen to RM7.55, Public Bank fell 16 sen to RM17.04, Tenaga lost 26 sen to RM10.94, and Petronas Chemicals eased three sen to RM6.72.

However, Top Glove bagged 12 sen to RM7.92, and Hartalega gained four sen to RM15.74.

Of the actives, AT Systematization improved 3.5 sen to 22.5 sen, both Netx and Sapura Energy inched up half-a-sen each to 17 sen and 11.5 sen, respectively, while Luster added one sen to 20 sen.

On the index board, the FBM Emas Index lost 48.07 points to 11,262.96, the FBM Emas Shariah Index slipped 7.47 points to 13,285.28, and the FBMT 100 Index contracted 49.91 points to 11,062.68.

However, the FBM 70 rose 29.05 points to 14,578.14 and the FBM ACE perked 30.21 points for 11,076.57.

Sector-wise, the Financial Services Index gave up 136.62 points for 13,150.88, the Industrial Products and Services Index slipped 0.47 of-a-point to 153.84, but the Plantation Index increased 43.09 points to 7,250.68. ― Bernama