KUALA LUMPUR (June 18): Bursa Malaysia opened slightly higher but retreated thereafter, extending yesterday’s losses, on continued profit taking on selected technology, as well as consumer product and services counters, a dealer said.

At 9.15am, the benchmark FBM KLCI had shed 2.80 points to 1,568.06 from yesterday’s close at 1,570.86.

The index opened 0.23 of a point better at 1,571.09.

Market breadth was negative, with losers leading gainers 249 to 170, while 333 counters were unchanged, 1,445 untraded and 18 others suspended.

Turnover stood at 549.7 million units worth RM267.38 million.

Malacca Securities Sdn Bhd, in a research note, said the market may continue to trade sideways to a negative bias tone today, with mild bargain-hunting activities as investors mull over the four-phase National Recovery plan.

"Taking its cues from most of the regional markets, the KLCI was firmly lower in negative territory [yesterday] after the US Federal Reserve (Fed) brought forward its outlook for interest rate hikes.

"However, we believe the positive performance on the Nasdaq may spill over to tech stocks on the local front. Commodity-wise, oil prices slipped as the US dollar strengthened, while crude palm oil (CPO) prices extended losses," it said.

For the last trading day of the week, the research firm said investors may see trading interest in some recovery-themed stocks, such as consumer, property and construction, as well as shipping companies.

"Meanwhile, traders may put green energy-related stocks on their radar as the market may expect more foreign investment in the sector moving forward. Also, tech stocks could be [a] focus, [with investors] taking [their] cues from the Nasdaq's overnight performance," it added.

Of the heavyweights, Malayan Banking Bhd (Maybank) added eight sen to RM8.18, Tenaga Nasional Bhd (TNB) was flat at RM9.95, while Public Bank Bhd slipped two sen to RM4.17, Petronas Chemicals Group Bhd (PetChem) went down six sen to RM8.02 and IHH Healthcare Bhd fell three sen to RM5.65.

Among the actives, MMAG Holdings Bhd and Tanco Holdings Bhd were flat at 19 sen and 15 sen respectively, Euro Holdings Bhd declined 27.5 sen to 93.5 sen, while YGL Convergence Bhd rose two sen to 30 sen.

On the index board, the FBM Emas Index decreased 10.38 points to 11,475.50 and the FBMT 100 Index fell 11.69 points to 11,162.04, while the FBM ACE gained 57.13 points to 7,633.22.

The FBM Emas Shariah Index earned 0.52 of a point to 12,614.58 and the FBM 70 perked 16.09 points to 14,999.05.

Sector-wise, the Financial Services Index shed 25.03 points to 15,269.33, the Industrial Products and Services Index inched down 0.72 of a point to 191.07, and the Plantation Index reduced 17.48 points to 6,522.41.