KUALA LUMPUR (Aug 22): Bargain hunters are expected to focus on banking, telecommunications and healthcare counters, following recent heavy selling, subsequently boosting the benchmark index, which opened lower on Monday (Aug 22), a dealer said.
At 9.23am, the benchmark FBM KLCI had lost 8.14 points to 1,496.30, from 1,504.44 at last Friday’s close.
The benchmark index opened 2.83 points easier at 1,501.61.
On the broader market, losers thumped gainers 323 to 137, while 249 counters were unchanged, 1,619 untraded, and 17 others suspended.
Turnover stood at 248.13 million units worth RM143.43 million.
Rakuten Trade vice-president of equity research Thong Pak Leng said he expects the market to improve later on Monday, and move within the 1,500-1,515 range.
“As for corporate earnings announced so far, we noticed that banks, planters, real estate investment trusts and selected manufacturing entities (for technology and food and beverages) reported a solid set of earnings,” he said in a note on Monday.
Meanwhile, Bursa heavyweights Malayan Banking Bhd (Maybank) lost four sen to RM8.88 and Petronas Chemicals Group Bhd also erased four sen to RM8.70, whereas Public Bank Bhd dropped by two sen to RM4.59 and IHH Healthcare Bhd too declined by two sen to RM6.39.
Of the actives, Cnergenz Bhd advanced 5.5 sen to 94 sen and Agmo Holdings Bhd accumulated half a sen to 81.5 sen, while CSH Alliance Bhd lost half a sen to four sen and LGMS Bhd was two sen lower at RM1.08.
On the index board, the FBM Emas Index trimmed 54.27 points to 10,625.61, the FBMT 100 Index shed 54.25 points to 10,369.01, the FBM Emas Shariah Index declined 49.47 points to 10,766.12, the FBM 70 lost 57.90 points to 12,729.54 and the FBM ACE lost 50.53 points to 4,936.15.
Sector-wise, the Financial Services Index shed 94.87 points to 16,658.11, the Plantation Index went down 9.40 points to 7,237.84, the Energy Index slipped 0.02 of a point to 671.33, and the Industrial Products and Services Index reduced by one point to 182.74.-BERNAMA