KUALA LUMPUR (Nov 22): Bursa Malaysia was lower on Monday (Nov 22) morning, with the key index falling 0.15%, weighed down by selected heavyweights.

At 9.05am, the benchmark FBM KLCI had dropped 2.24 points to 1,523.30 from 1,525.54 at last Friday’s close.

The index opened 1.22 points better at 1,526.76.

On the broader market, losers led gainers 214 to 165, while 261 counters were unchanged, 1,682 untraded and 19 others suspended.

Total volume stood at 140.14 million units worth RM840.21 million.

Malacca Securities Sdn Bhd believes buying interest might resume on the local bourse after the Melaka state election concluded on Saturday.

However, the upside might be limited, given concerns over the resurgence of Covid-19 cases in European countries, which might potentially dampen the economic recovery going forward, it added.

“Meanwhile, the decline in crude oil prices to below US$80 (about RM334.92) per barrel could trigger some selling pressure on the energy sector. Crude palm oil (CPO) prices are hovering around the RM5,000 zone,” Malacca Securities said in a research note on Monday.

The brokerage said given the Nasdaq closing above the 16,000 level last Friday, the market might see continued buying interest in local technology stocks.

It noted that investors had reduced exposure to oil and gas stocks on the back of falling crude oil prices, while traders might be keen to position themselves ahead of the corporate earnings reporting season, where plantation stocks might still provide strong earnings momentum amid firm CPO prices.

Among the heavyweights, Public Bank Bhd added one sen to RM4.08, Malayan Banking Bhd (Maybank) and Tenaga Nasional Bhd (TNB) were flat at RM8.08 and RM9.55 respectively, while Petronas Chemicals Group Bhd (PetChem) eased two sen to RM8.29, IHH Healthcare Bhd shed three sen to RM6.51 and Hong Leong Bank Bhd (HLB) trimmed 18 sen to RM18.14. 

Of the actives, PDZ Holdings Bhd and Kejuruteraan Asastera Bhd edged up half a sen each to 6.5 sen and 35 sen respectively, while Tanco Holdings Bhd was flat at 27 sen, Advance Synergy Bhd slipped 1.5 sen to 11 sen, Scope Industries Bhd was 2.5 sen easier at 37.5 sen and AirAsia Group Bhd slid four sen to RM1.01.  

On the index board, the FBM Emas Index decreased 9.77 points to 11,235.87, the FBMT 100 Index fell 10.25 points to 10,885.33, the FBM Emas Shariah Index went down 9.36 points to 12,218.39 and the FBM ACE weakened 22.64 points to 6,792.42, while the FBM 70 rose 8.42 points to 14,791.98. 

Sector-wise,  the Industrial Products and Services Index inched up 0.25 of a point to 200.04, the Financial Services Index declined 22.60 points to 15,202.98 and the Plantation Index discounted 6.88 points to 6,598.22.