KUALA LUMPUR, Jan 25 ― Bursa Malaysia opened lower today as the selling in selected big cap stocks pulled the benchmark index down despite a mildly higher close on the Wall Street.
At 9.08am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) declined 7.0 points to 1,514.86 from 1,521.86 at yesterday's close, after opening 4.77 points weaker at 1,517.09.
Wall Street ended 0.3 per cent higher as the Dow Jones Industrial Average (DJIA) managed to recover from its intraday losses to snap its six-day losing streak, lifted by bargain hunting activities ahead of the two-day United States (US) Federal Open Market Committee (FOMC) meeting.
On Bursa Malaysia, the market breadth was negative with losers leading gainers 205 to 124, while 244 counters were unchanged, 1,707 untraded and 30 others suspended.
Turnover stood at 222.58 million units worth RM119.76 million.
Malacca Securities Sdn Bhd said in light of the V-shape rebound on the Wall Street (as most of the stocks were significantly oversold), it expects bargain hunting activities to emerge on the local bourse today, especially within the technology sector.
Meanwhile, commodity-wise, it noted that both crude palm oil (CPO) and crude oil price had declined but remained firmly above RM5,200 and US$86 (RM360.26) per barrel mark, respectively.
“We believe investors may buy on the dip ahead of the earnings season in February, particularly the technology stocks following the recent selldown.
“Besides, investors may put consumer and building material stocks on the radar, given the improving economic conditions,” it said in a note today.
Of the heavyweights, Maybank, Petronas Chemicals and CIMB fell five sen each to RM8.20, RM8.85 and RM5.20, respectively, Public Bank eased one sen to RM4.18, IHH Healthcare slipped 11 sen to RM6.36 and Tenaga was flat at RM9.11.
As for the actives, Senheng was down 12 sen to 95 sen, Metronic was flat at two sen and G3 Global added one sen to eight sen.
Topping the top losers’ list was the Complete Logistics Services which dropped 24 sen to RM3.72, followed by Senheng and IHH Healthcare.
On the index board, FBM ACE was up 6.41 points to 6,109.39 and FBM 70 increased 5.76 points to 13,411, while FBM Emas Index reduced 36.43 points to 10,881.07, FBMT 100 Index shed 36.93 points to 10,588.11 and FBM Emas Shariah Index weakened 29.36 points to 11,597.56.
Sector-wise, the Financial Services Index dipped 59.55 points to 15,641.31, the Industrial Products and Services Index eased 0.73 of-a-point to 199.78, and the Plantation Index weakened 29.78 points to 6,696.85. ― Bernama
