Bursa opens higher but retreats thereafter on profit-taking

Market breadth was slightly negative with losers edging past gainers 199 to 189, while 318 counters were unchanged, 1,586 untraded and 18 others suspended. — Reuters pic
Market breadth was slightly negative with losers edging past gainers 199 to 189, while 318 counters were unchanged, 1,586 untraded and 18 others suspended. — Reuters pic

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KUALA LUMPUR, Oct 21 — Bursa Malaysia opened higher but retreated thereafter as profit-taking emerged in selected heavyweights following the recent gains, dealers said.

At 9.08am, the benchmark index was 2.35 points lower at 1,603.97 from Wednesday's close of 1,606.32.

The bellwether index opened 2.11 points firmer at 1,608.43.

Market breadth was slightly negative with losers edging past gainers 199 to 189, while 318 counters were unchanged, 1,586 untraded and 18 others suspended.

Turnover stood at 227.54 million units worth RM148.91 million.

In its Market Pulse note today, Malacca Securities Sdn Bhd expects the FBM KLCI to be bullish for today and the days leading up to the tabling of Budget 2022 next week.

“We also expect some recovery in theme stocks with the resumption of business activities in various segments following the ongoing vaccination programme.  

“Meanwhile, the crude palm oil (CPO) and crude oil prices extended their rally, with the former surging above RM5,000 and the latter trading above US$85 per barrel mark,” it said.

It added that consumer, construction and renewable energy were some of the sectors in focus today.

“The energy and plantation counters should be lifted by the firmer crude oil and CPO prices, and technology stocks may return to the limelight after the recent consolidation and positive overnight Wall Street performance,” the brokerage firm said. 

Technically, it said resistance is located at 1,620, while support is pegged at 1,580.

Among the heavyweights, Maybank was down three sen to RM8.28, Public Bank eased one sen to RM4.26, Petronas Chemicals rose four sen to RM8.84, Tenaga gained six sen to RM9.82 and IHH was flat at RM6.60.

As for the actives, CSH added one sen to RM13.5 sen, Supermax dropped 19 sen to RM2.06 and Bumi Armada was flat at 53 sen. 

On the index board, the FBM Emas Index went down 11.75 points to 11,805.77, the FBMT 100 Index shed 16.01 points to 11,441.10, the FBM Emas Shariah Index reduced 5.30 points to 12,868.68, the FBM 70 declined 18.83 points to 15,466.65, and the FBM ACE slid 26.77 points to 7,258.35.

Sector-wise, the Financial Services Index contracted 36.22 points to 15,901.54, while the Industrial Products and Services Index inched up 0.08 of-a-point to 212.53 and the Plantation Index climbed 17.68 points to 7,045.15. — Bernama

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