Bursa halts profit-taking to start on flattish note

TheStar Tue, Jan 04, 2022 09:19am - 2 years View Original


KUALA LUMPUR: Following yesterday's sharp retreat, Bursa Malaysia opened on Tuesday to a flattish note amid uncertainty over trading direction.

While US indices were seen hitting fresh record levels overnight, the domestic market was reluctant to follow suit.

At 9.05am, the FBM KLCI was seen staying close to the previous session close, up 0.64 point to 1,549.69.

Malacca Securities Research is optimistic over the coming day's performance as it expects the market sentiment to turn positive as it tracked the positive performance on Wall Street as well as reacted to the IHS Markit Malaysia PMI, which increased 0.5 month-on-month to 52.8 in December, which suggested an an improved condition in the manufacturing sector.

"We expect the overnight gains in the Nasdaq to spillover to technology stocks on the local front.

"Besides, traders could focus on the oil and gas and plantation stocks amid firmer CPO and crude oil prices," said the research firm.

However, it cautions that investors should continue to monitor global inflation, the interest rate and unexpected risk arising from the Covid-19 variants.

There were mixed results on the FBM KLCI with positive price action seen in Press Metal up five sne to RM5.71 and Tenaga Nasional gaining three sen to RM9.26 while telcos were subdued with Axiata down one sen to RM3.87, Maxis falling two sen to RM4.58 and Digi adding one sne to RM4.08.

Investors were also undecided over banks with Maybank dropping one sen to RM8.32, Public Bank unchanged at RM4.15, CIMB unchanged at RM5.49 and Hong Leong Bank rising 14 sen to RM18.90.

In plantations, Sime Darby Plantation rose three sen to RM3..87 and IOI gained one sen to RM3.90.

On the broader market, there were 225 gainers versus 145 decliners.

Technology-linked counters MPI rose 40 sen to RM49.90, Genetec gained 34 sen ot RM42.98 and KESM climbed 22 sen to RM12.62.

Top actives were Bintai Kinden unchanged at 23 sen, SMTrack flat at 23.5 sen and SC Estate Builder up one sen to 8.5 sen.

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