Bursa Malaysia opens higher but retreated thereafter

On the broader market, gainers led losers at 272 versus 185, while 327 counters were unchanged, 1,453 untraded and 21 others suspended. — Bernama pic
On the broader market, gainers led losers at 272 versus 185, while 327 counters were unchanged, 1,453 untraded and 21 others suspended. — Bernama pic

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KUALA LUMPUR, July 26 — Bursa Malaysia opened marginally higher but retreated thereafter, tracking the performance of regional peers.

This was despite the Wall Street closing at a new high on Friday, lifted by strong corporate earnings and continued central bank support for the financial market.

At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 4.35 points to 1,519.09 from Friday’s close of 1,523.44.

The index opened 1.03 points higher at 1,524.47.

On the broader market, gainers led losers at 272 versus 185, while 327 counters were unchanged, 1,453 untraded and 21 others suspended.

Turnover stood at 458.67 million units worth RM229.01 million.

In a research note today, Malacca Securities Sdn Bhd said the FBM KLCI finished the week on a negative note, in line with the mixed regional performances due to the resurgence of Covid-19 infections globally.

While the local bourse has been trading on consolidation mode with an upward bias last week, investors may remain cautious with the five-day special Parliamentary sitting this week, it said.

Nevertheless, the brokerage firm said it expected investors to shift their attention from the daily Covid-19 infection rates to the current ongoing vaccination rate which remains above 400,000 doses per day, believing that this should help to stabilise the market sentiment and enhance focus on recovery theme stocks.

Meanwhile, it noted that both crude palm oil (CPO) and Brent oil prices had surged last week.

“As for sector in focus, the positive developments on Nasdaq may continue to shine a light on the local technology stocks.

“Additionally, the plantation counters may extend their gains in line with the surge in CPO prices amid concerns over weaker output, and recovery-themed stocks may also expect buying interest, going forward,” it said.

Of the heavyweights, Petronas Chemicals fell two sen to RM8.03 and IHH Healthcare shed five sen to RM5.76.

Maybank, Public Bank and TNB were flat at RM8.03, RM4.02 and RM9.73, respectively.

Among the actives, SMTrack added 3.5 sen to 11.5 sen, MAG Holdings gained one sen to 20.5 sen, PUC bagged two sen to 17.5 sen, LYC Healthcare rose three sen to 34.5 sen while XOX warrant was flat at one sen.

On the index board, the FBM Emas Index decreased 15.12 points to 11,163.01, and the FBM ACE advanced 59.06 points to 7,482.29 and the FBM 70 perked 28.92 points to 14,750.23.47.  

The FBM Emas Shariah Index was 18.26 points lower at 12,306.90 and the FBMT 100 Index went down 17.50 points to 10,855.12.  

Sector-wise, the Financial Services Index slipped 26.03 points to 14,818.90, the Plantation Index declined 25.38 points to 6,218.16, while the Industrial Products and Services Index edged up 0.04 of-a-point to 189.91. — Bernama

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