Bursa flattish at opening

TheEdge Wed, Nov 24, 2021 09:59am - 2 years View Original


KUALA LUMPUR (Nov 24): Bursa Malaysia was flattish in the early session trading on Wednesday (Nov 24) amid a lack of fresh catalysts.

At 9.17am, the benchmark FBM KLCI had gained 0.43 of a point to 1,523.31 from 1,522.88 at Tuesday's close.

The index opened 1.33 point better at 1,524.21.

Losers led gainers 205 to 200, while 272 counters were unchanged, 1,664 untraded and 45 others suspended.

Total volume stood at 291.84 million units worth RM179.42 million.

Malacca Securities Sdn Bhd believes that the upside to technology stocks might be limited, mirroring overnight losses on the Nasdaq.

Bursa Malaysia's Technology Index was flat at 100.40.

Commodity-wise, the brokerage said crude oil prices charged higher and extended gains to above US$80 (about RM336.60), while crude palm oil (CPO) prices performed a declining move, falling more than 2% on Tuesday.

"Nevertheless, we think the decision by US President Joe Biden, ordering release of the country's oil reserves, may post some pressure on crude oil prices moving forward,” the brokerage said in a research note.

Malacca Securities said following expectations of higher supply on crude oil, investors may take a step back from energy counters.

"Nevertheless, investors may focus on sectors such as banking and plantation amid the ongoing earnings [reporting] season. Also, there is decent buying support for healthcare stocks due to a spike in Covid-19 cases,” it said.

Among the heavyweights, Petronas Chemicals Group Bhd (PetChem) strengthened five sen to RM8.36, IHH Healthcare Bhd added two sen to RM6.72 and Tenaga Nasional Bhd (TNB) gained one sen to RM9.51, while CIMB Group Holdings Bhd was flat at RM5.19, and Malayan Banking Bhd (Maybank) and Public Bank Bhd eased one sen each to RM8.15 and RM4.06 respectively.

Of the actives, Dagang NeXchange Bhd (DNeX) rose 1.5 sen to 88 sen, Dataprep Holdings Bhd jumped 11 sen to RM1.01, WZ Satu Bhd advanced two sen to 25 sen and NWP Holdings Bhd edged up half a sen to 33.5 sen, while Tanco Holdings Bhd was flat at 27 sen and Scope Industries Bhd declined two sen to 33.5 sen. 

On the index board, the FBM Emas Index expanded 7.59 points to 11,221.0, the FBMT 100 Index bagged 4.33 points to 10,873.38, the FBM Emas Shariah Index went up 11.62 points to 12,168.77, the FBM 70 rose 10.75 points to 14,728.92 and the FBM ACE improved 6.44 points to 6,722.75.  

Sector-wise, the Industrial Products and Services Index fell 0.07 of a point to 199.45, the Financial Services Index fell 4.66 points to 15,280.03 and the Plantation Index improved 15.74 points to 6,590.77.

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