KL shares on backfoot after opening higher

The benchmark FTSE Bursa Malaysia KLCI slips 1.15 points after opening 0.61 point higher at 1,635.93. — Picture by Azneal Ishak
The benchmark FTSE Bursa Malaysia KLCI slips 1.15 points after opening 0.61 point higher at 1,635.93. — Picture by Azneal Ishak

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KUALA LUMPUR, Dec 30 — Bursa Malaysia’s key index opened higher but turned lower thereafter, weighed down by index-linked counters led by Maybank and Kuala Lumpur Kepong.

At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.15 point to 1,633.84 after opening 0.61 of-a-point higher at 1,635.93 compared to Tuesday’s close of 1,634.99.

Market breadth was positive with gainers outpacing losers 310 to 187, while 358 counters were unchanged, 1,273 untraded and 62 others suspended.

Volume stood at 615.15 million units worth RM224.95 million.

In a note today, Malacca Securities Sdn Bhd said Wall Street, which ended in negative territory after hitting record highs, may set a mixed tone on the local front, but the FBM KLCI could be supported by mild window-dressing activities.

On the broader market, traders could focus on the automotive segment on the back of the sales and service tax exemption extension until mid-2021, it added.

“Meanwhile, crude palm oil price remains firmly on the upward trend. Palm oil price stood at RM3,550 as of yesterday closing. We also believe traders may anticipate that the fourth cycle of large scale solar scheme contracts to be awarded by the first half of 2021,” said Malacca Securities.

Of the heavyweights, Maybank declined six sen to RM8.52, Kuala Lumpur Kepong shed 40 sen to RM23.80, Petronas Chemicals eased five sen to RM7.32, while TNB, Axiata, Genting Malaysia and Telekom Malaysia slid two sen to RM10.56, RM3.69, RM2.71 and RM5.43, respectively.

Meanwhile, Public Bank gained two sen to RM20.72, Hartalega jumped 14 sen to RM12.08, while IHH Healthcare, Top Glove, CIMB and Hong Leong Bank were flat at RM5.74, RM6.01, RM4.35 and RM18.48, respectively.

Of the actives, Sealink increased 5.5 sen to RM22.5 sen, MTouche rose 1.5 sen to 8.5 sen, Inix edged up half-a-sen to 34 sen, JKG was one sen higher at 11 sen, Techna-X and Yong Tai were flat at 17 sen and 32.5 sen, while Iris Corp inched down half-a-sen to 43 sen, and Green Ocean eased 1.5 sen to 10 sen.

On the index board, the FBM Emas Shariah Index perked 4.95 point to 13,183.49, the FBM ACE increased 7.0 points to 10,709.39, the FBM Emas Index went down 7.27 points to 11,799.42, the FBMT 100 Index slipped 8.64 points to 11,550.02, and the FBM 70 depreciated 13.47 points to 15,210.46.

Meanwhile, the Industrial Products and Services Index slipped 0.15 of-a-point to 175.9, the Financial Services Index discounted 31.19 points to 15,422.22, and the Plantation Index shrunk 22.04 points to 7,372.09. — Bernama

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