Bursa retreats after opening higher on profit-taking

Market breadth was negative with losers leading gainers 249 to 170, while 333 counters were unchanged, 1,445 untraded and 18 others suspended. — Picture by Azneal Ishak
Market breadth was negative with losers leading gainers 249 to 170, while 333 counters were unchanged, 1,445 untraded and 18 others suspended. — Picture by Azneal Ishak

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KUALA LUMPUR, June 18 — Bursa Malaysia opened slightly higher but retreated thereafter, extending yesterday’s losses, on continued profit-taking in selected technology, as well as consumer product and services counters, a dealer said.

At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) shed 2.80 points to 1,568.06 from Thursday’s close of 1,570.86.

The index opened 0.23 of-a-point better at 1,571.09.

Market breadth was negative with losers leading gainers 249 to 170, while 333 counters were unchanged, 1,445 untraded and 18 others suspended.

Turnover stood at 549.70 million units worth RM267.38 million.

Malacca Securities Sdn Bhd, in a research note, said the market may continue to trade sideways to a negative bias tone today with mild bargain-hunting activities as investors mulled over the four-phase National Recovery plan.

“Taking cues from most of the regional markets, the FBM KLCI was firmly lower in the negative territory (on Thursday) after the US Federal Reserve brought forward its outlook for the interest rate hike.

“However, we believe the positive performance on Nasdaq may spillover to tech stocks on the local front. Commodity wise, oil price slipped as the US dollar strengthened, while crude palm oil (CPO) price extended its losses,” it said.

For the last trading day of the week, the research firm said investors may see trading interest in some recovery-theme stocks such as consumer, property and construction, as well as shipping companies.

“Meanwhile, traders may put green energy-related stocks on radar as the market may expect more foreign investment on the sector moving forward. Also, tech stocks could be focused, taking cues from Nasdaq overnight performance,” it added.

Of the heavyweights, Maybank added 8.0 sen to RM8.18, TNB was flat at RM9.95, while Public Bank slipped 2.0 sen to RM4.17, Petronas Chemicals went down 6.0 sen to RM8.02, and IHH Healthcare fell 3.0 sen to RM5.65.

Among the actives, MMAG and Tanco were flat at 19 sen and 15 sen, respectively, Euro Holdings declined 27.5 sen to 93.5 sen, while YGL rose 2.0 sen to 30 sen.

On the index board, the FBM Emas Index decreased 10.38 points to 11,475.50 and the FBMT 100 Index fell 11.69 points to 11,162.04, while the FBM ACE gained 57.13 points to 7,633.22.

The FBM Emas Shariah Index earned 0.52 of-a-point to 12,614.58 and the FBM 70 perked 16.09 points to 14,999.05.

Sector-wise, the Financial Services Index shed 25.03 points to 15,269.33, the Industrial Products and Services Index inched down 0.72 of-a-point to 191.07, and the Plantation Index reduced 17.48 points to 6,522.41. — Bernama

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