Bursa falls in early session

TheEdge Wed, Feb 15, 2023 09:28am - 1 year View Original


KUALA LUMPUR (Feb 15): Bursa Malaysia reversed from its gains on Tuesday (Feb 14) to open lower on Wednesday morning due to profit taking, taking its cue from the choppy trading on Wall Street.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased by 1.4 points to 1,482.57 from Tuesday's close of 1,483.97.

The key index opened 1.17 points weaker at 1,482.8.

Market breadth was negative with losers leading gainers 145 to 129, while 193 counters were unchanged, 1,746 untraded and nine others suspended.

Turnover amounted to 152.78 million units worth RM53.62 million.

In a note on Wednesday, Malacca Securities Sdn Bhd said the US stock markets edged lower on Tuesday, with the Dow Jones Index easing by 0.5% due to the hotter-than-expected inflation data that came in at 6.4% in January 2023 — triggering further concerns that the path of normalising inflation will be bumpy.

The brokerage also believes that the global sentiment will remain tepid, at least for the near term while waiting for fresh catalysts.

Back home, investors may continue to focus on the earnings reporting season as well as the re-tabling of Budget 2023.

As for commodities, oil benchmark Brent crude stayed above US$85 per barrel, while the crude palm oil price hovered above RM3,900 per tonne.

“Meanwhile, the construction and building material sector may gain traction ahead of the re-tabling of Budget 2023 next week.

“Additionally, the electrical vehicle (EV)-related sector may shine following the International Trade and Industry Ministry’s announcement of its target to provide up to 4,000 EV charging points in Malaysia,” it said.

Among the heavyweights, Malayan Banking Bhd was flat at RM8.80, IHH Healthcare Bhd was unchanged at RM5.90, Public Bank Bhd rose one sen to RM4.20, and CIMB Group Holdings Bhd added four sen to RM5.45, while Petronas Chemicals Group Bhd lost three sen to RM8.12.

As for the actives, both Hong Seng Consolidated Bhd gained half-a-sen to 21.5 sen, Dataprep Holdings Bhd rose half-a-sen to 24 sen, Trive Property Group Bhd increased by one sen to eight sen, and Kim Teck Cheong Consolidated Bhd went up 2.5 sen to 26.5 sen, while PUC Bhd was flat at 3.5 sen.

On the index board, the FBM Emas Index decreased 3.81 points to 10,783.94, the FBMT 100 Index went down 4.53 points to 10,452.88, and the FBM Emas Shariah Index slipped 19.17 points to 11,092.71.

The FBM 70 Index advanced 16.95 points to 13,592.09, and the FBM ACE Index was 10.41 points firmer at 5,702.08.

Sector-wise, the Plantation Index narrowed by 4.34 points to 6,912.2 and the Industrial Products and Services Index eased 0.24 of-a-point to 189.29, while the Energy Index rose 1.35 points to 898.07, and the Financial Services Index gained 24.24 points to 16,180.74.

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