Bursa opens mixed on softer market conditions

TheEdge Wed, Mar 20, 2024 09:39am - 3 months View Original

KUALA LUMPUR (March 20): Bursa Malaysia opened mixed on Wednesday morning, as market conditions turned softer with profit-taking activities emerging after a recent rebound on small caps, said an analyst.

At 9.15am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.77 points to 1,541.19 from Tuesday’s close of 1,544.96.

The benchmark index opened 0.10 of a point firmer at 1,545.06.

On the broader market, gainers led decliners 228 to 186, while 311 counters were unchanged, 1,569 untraded and 11 suspended.

Turnover amounted to 350.64 million units worth RM141.86 million.

According to Malacca Securities Sdn Bhd, the FBM KLCI closed lower on Tuesday with profit-taking activities within selected banking heavyweights.

“The market is also looking forward to the US Federal Reserve’s statement in order to understand the timing of the interest rate cut,” it said in a note on Wednesday.

The firm said traders would be focusing on the oil and gas sector, at least for the near term, given the recent uptrend in Brent oil above the US$87 per barrel level.

In addition, Malacca Securities said it favours the telecommunications, finance, property, solar as well as packaging industries.

Among the heavyweights, Malayan Banking Bhd slipped four sen to RM9.61, CIMB Group Holdings Bhd declined four sen to RM6.57, Public Bank Bhd shed two sen to RM4.26, Petronas Chemicals Group Bhd added one sen to RM6.82 and Tenaga Nasional Bhd was flat at RM11.50.

For the actives, Mlabs Systems Bhd eased half-a-sen to one sen while EA Technique (M) Bhd dipped half-a-sen to 31.5 sen.

MMAG Holdings Bhd inched up one sen to 16 sen and Land & General Bhd rose one sen to 13 sen, while Hong Seng Consolidated Bhd was flat at one sen.

On the index board, the FBM Emas Index fell 12.17 points to 11,506.38 and the FBMT 100 Index declined 15.24 points to 11,163.03.

Meanwhile, the FBM Emas Shariah Index advanced 9.03 points to 11,546.29, the FBM ACE Index improved by 12.21 points to 4,763.30 and the FBM 70 Index increased by 28.10 points to 15,778.47.

Sector-wise, the Financial Services Index tumbled 57.50 points to 17,223.88, and the Plantation Index slipped 3.25 points to 7,275.51.

The Energy Index edged up 11.37 points to 936.78 and the Industrial Products and Services Index perked up 0.10 of-a-point to 177.45.

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