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KUALA LUMPUR: Bursa Malaysia pulled back slightly from last week’s gain to open mixed today, in line with mixed sentiment in the regional market, as investors remain cautious about the first US federal meeting. Joe Biden’s administration later today.
At 9.20am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index was up 0.06 points from one point to 1,596.80 from 1,596.74 at the close of last week.
The index opened 3.80 points higher at 1,600.54.
In the broader market, losers outnumbered winners from 617 to 183, while 289 accountants remained unchanged, 1,209 untraded and another 20 suspended.
Total volume stood at 904.80 million units worth RM590.42 million.
Following a mixed performance on Wall Street last Friday, Malacca Securities expects the slight rally in the FBM KLCI last Friday to wear off today and market sentiment is expected to be cautious ahead of the first meeting of the US Federal Reserve as the week shortened by holidays.
“As we approach the reporting season, investors can target select sectors with high earnings certainty as Covid-19 cases continue to rise.
“Based on the upcoming reporting season, we believe that the technology, plantations and furniture sectors will be the potential winners and will be on the radar of traders,” he said today in a research note.
Among heavyweights, Maybank and TNB fell 4.0 sen each to RM76.96 and 9.74 respectively, Public Bank fell 18 sen to RM21.48, Petronas Chemicals fell 10 sen to RM7.27 while Top Glove added 21 sen to RM6 .46.
Of the assets, Dagang Nexchange rose 2.5 sen to 28.5 sen, Bioalpha rose 1.5 sen to 31.5 sen, while QES lost 1.5 sen to 36.5 sen and DGB Asia fell half a sen to 8 , 5 sen.
On the index board, the FBM Emas index was down 39.24 points to 11,524.38, the FBMT 100 index was down 32.03 points to 11,262.73, and the FBM Emas Shariah index was down 1.48 points to 13,047.47.
The FBM 70 decreased 168.35 points to 14,733.33 and the FBM ACE decreased 75.82 points to 10,682.19.
Regarding the sector, the Financial Services Index fell 146.09 points to 14,739.57, the Plantations Index contracted 3.79 points to 7,219.37 and the Industrial Products and Services Index fell 2.55 points to 174.80. -Called
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