Business

Bursa mixed due to profit-taking

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Nov 7 2019 : Bursa Malaysia opened on a mixed note in early session due to profit-taking activities following its upbeat performance earlier this week. 

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.22 points lower at 1,602.03 against yesterday’s close of 1,603.25. 

However, at the opening bell, the key index opened 1.60 points higher at 1,604.85.

On the broader market, gainers overtook losers 111 to 90, while 1,041 counters unchanged, 742 untraded and 18 others suspended.

Turnover amounted to 699.71 million shares worth RM240.78 million.

Melaka Securities in its equity note today said despite the retreat yesterday, market conditions remain toppish that could signal further retreat over the near term as they look to adjust from their bout of overbought.

“With conditions still on the positive note, we see further near term pullback for stocks on Bursa Malaysia as there are also fresh uncertainties over the US-China trade negotiations that may be delayed.

“This will allow the key index to adjust from its overbought streak as well as to take a breather from its recent gains,” it said. 

It added that besides profit-taking involving selected heavyweights, the lower liners and broader market shares are also undergoing similar consolidation spell after their recent gains. 

“On the technical side, the index is expected to build up a base around the 1,600 points level for a possible year-end window dressing push. Below 1,600, the support is at the 1,590 level, while the resistances remain at the 1,610 and 1,620 levels,” it said. 

Of heavyweights performance. Maybank and IHH remained flat at RM8.71 and RM5.54, Tenaga Nasional added four sen to RM13.96 while Public Bank and Petronas Chemicals both shed two sen and five sen respectively to RM19.78 and RM7.55. 

As for top gainers, Petronas related counters, Dagangan and Gas hiked 20 sen and 16 sen each to RM23.90 and RM16.58 respectively, while Kuala Lumpur Kepong was up 12 sen to RM22.44.  

Of the actives, Sumatec, Meridian and Eduspec all were flat at half-a-sen, six sen and three sen respectively while as for top losers,  Fraser & Neave lost 60 sen to RM34.70, Nestle dipped 30 sen to RM146.30 and Hong Leong Bank declined 18 sen to RM16.88. 

The FBM Emas Index was 2.89 points higher at 11,346.20, the FBMT 100 Index declined 1.36 points to 11,154.77 and the FBM Emas Shariah Index increased 16.05 points to 11,893.45.

The FBM Ace climbed 15.12 to 4,972.23 and the FBM 70 was 27.70 points firmer to 14,042.32.

Sector-wise, the Financial Services Index dropped 26.66 points to 15,618.92, the Industrial Products & Services Index edged down 0.18 of-a-point to 154.25 and the Plantation Index gave up 14.97 points to 6,847.38. – Bernama

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