Bursa Malaysia remains lower at midday

TheEdge Mon, Apr 25, 2022 12:45pm - 1 year View Original


KUALA LUMPUR (April 25): Bursa Malaysia remained lower at midday on Monday (April 25) as profit taking accelerated in most index-linked counters, led by the financial services and small-capitalisation stocks.

At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 9.27 points to 1,592.7 from Friday’s close of 1,601.97.

The market bellwether opened 2.59 points easier at 1,599.38 and moved between 1,592.01 and 1,599.38 throughout the morning trading session.

Market breadth was negative with losers surpassing gainers 775 to 230, while 283 counters were unchanged, 1,011 untraded and 25 others suspended.

Total turnover stood at 1.78 billion units worth RM1.32 billion.

Rakuten Trade Sdn Bhd vice president of Equity Research Thong Pak Leng reckoned that the index may face some headwinds due to the steep losses on Wall Street with no rebound in sight — according to the US futures market.

“As such, we expect the index to trend within the 1,590-1,605 range amidst heightened volatility today (April 25).

“Meanwhile, bearish sentiments on global growth have dragged crude oil prices lower, with oil benchmark Brent crude ending below US$107 per barrel,” he said.

Meanwhile, Bursa heavyweights Malayan Banking Bhd lost five sen to RM8.89, Public Bank Bhd slid three sen to RM4.69, Petronas Chemicals Group Bhd decreased two sen to RM10.28, IHH Healthcare Bhd shed 11 sen to RM6.50 and Press Metal Aluminium Holdings Bhd slipped 23 sen to RM6.20.

Of the actives, Techna-X Bhd added half-a-sen to 11 sen, Matang Bhd rose one sen to 12.5 sen, Jaya Tiasa Holdings Bhd gained 10 sen to RM1.22 and Vizione Holdings Bhd was flat at 10.5 sen, while Widad Group Bhd fell half-a-sen to 36 sen.

On the index board, FBMT 100 Index decreased 77.67 points to 11,050.32, FBM Emas Index was 80.18 points weaker at 11,403.88, FBM Emas Shariah Index fell 88.03 points to 12,003.17, FBM 70 declined 150.39 points to 13,618.19, and FBM ACE erased 84.23 points to 5,641.13.

Sector-wise, the Financial Services Index shrank 92.2 points to 16,755.99 and the Industrial Products and Services Index was down by 2.79 points to 211.96, while the Plantation Index jumped 406.06 points to 9,003.93.

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