KUALA LUMPUR, Jan 11 ― Bursa Malaysia retreated from yesterday's gains to open marginally lower today as mild profit-taking emerged in selected heavyweights, dealers said.
At 9.26am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 0.89 of-a-point to 1,549.28 from 1,550.17 at yesterday’s close.
The index opened 1.16 points lower at 1,549.01.
On the broader market, losers surpassed gainers 289 to 175, while 336 counters were unchanged, 1,467 untraded and 15 others suspended.
Turnover stood at 625.64 million units valued at RM207.97 million.
Malacca Securities Sdn Bhd said the local bourse, tracking the performance on Wall Street, was expected to open with a knee-jerk selloff today as the market may price in further risk on the US interest rate hike environment.
“Nevertheless, we are optimistic that bargain-hunting activities will return to support the heavyweights. Meanwhile, market players will be monitoring the release of US inflation rate (data) tomorrow,” it said in a research note today.
Although risks might not be abating in the technology counters due to worries over inflation and upcoming interest rate rise, decent earnings visibility of the sector would provide support on the longer investment horizon, the stockbroking firm said.
“Besides, consumer and banking counters should be gaining traction due to the recovery theme,” it added.
Of the heavyweights, Maybank and CIMB eased 1.0 sen each to RM8.33 and RM5.66, respectively, IHH Healthcare fell 3.0 sen to RM6.65, Public Bank was flat at RM4.18, and Petronas Chemicals lifted 4.0 sen to RM8.94.
Of the actives, MMAG and Key Alliance eased half-a-sen each to 9.5 sen and 1.0 sen, respectively, Techna-X shed 1.0 sen to 8.5 sen, and AHB Holdings improved 2.0 sen to 27.5 sen.
On the index board, the FBM Emas Index was 14.10 points lower at 11,216.59, the FBM Emas Shariah Index decreased 29.43 points to 11,997.21, the FBM 70 eased 49.18 points to 14,173.18, the FBMT 100 Index dipped 13.53 points to 10,909.72, and the FBM ACE fell 35.74 points to 6,718.15.
Sector-wise, the Industrial Products and Services Index added 0.36 of-a-point to 203.30 and the Financial Services Index advanced 26.95 points to 15,893.28, while the Plantation Index reduced 14.22 points to 6,716.67. ― Bernama
