Bursa opens lower on mild profit-taking

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KUALA LUMPUR (May 27): Bursa Malaysia opened lower on Friday (May 27) due to mild profit-taking on selected heavyweights after recent gains, despite the positive trend in regional markets, dealers said.

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At 9.58am, the FBM KLCI had decreased 3.83 points or 0.25% to 1,537.32 from Thursday’s close at 1,541.15.

The benchmark index opened 0.45 of a point lower at 1,540.70.

On the broader market, losers led gainers 378 to 293, while 328 counters were unchanged, 1,321 untraded and 40 others suspended.

Turnover stood at 951.39 million units worth RM442.93 million.

Malacca Securities Sdn Bhd said given the strong rebound and follow-through interest on Wall Street, buying support may spill over to technology stocks on the local front, and traders may focus on bashed-down technology leaders as some of their earnings have stabilised in the recent reporting season.

“However, we expect the upside to be limited given the unresolved Ukraine-Russia tension. Nevertheless, we are optimistic about the energy and plantation sectors with the Brent oil price hovering above US$115 (about RM504.56) and crude palm oil trading above RM6,500 per tonne.

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“With the strong rebound on Wall Street, technology will be the main focus for the session. Also, since commodity markets remain elevated, traders may favour energy and plantation stocks,” it said in a research note on Friday.

Among the heavyweights, Malayan Banking Bhd (Maybank) slipped one sen to RM8.97, Public Bank Bhd fell two sen to RM4.58 and Petronas Chemicals Group Bhd (PetChem) rose 10 sen to RM9.97, while IHH Healthcare Bhd and CIMB Group Holdings Bhd were flat at RM6.49 and RM5.01 respectively.

Of the actives, Sapura Energy Bhd and Cnergenz Bhd added one sen each to 8.5 sen and 68.5 sen respectively, and Techna-X Bhd earned half a sen to 5.5 sen, while Ta Win Holdings Bhd was flat at 12.5 sen.

On the index board, FBM ACE declined 27.91 points to 5,178.07, the FBM Emas Shariah Index shed 3.54 points to 11,350.28, the FBM Emas Index reduced 16.03 points to 10,968.51, the FBMT100 Index decreased 16.05 points to 10,659.76, and FBM70 strengthened 22.89 points to 13,110.98.

Sector-wise, the Industrial Products and Services Index was 0.24 of a point better at 198.58, the Financial Services Index gained 19.25 points to 16,570.6, and the Plantation Index advanced 1.26 points to 7,989.95.-BERNAMA