Bursa opens lower on profit-taking

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KUALA LUMPUR (Aug 2): Bursa Malaysia opened lower on Tuesday morning (Aug 2), due to profit-taking, after the key index crossed the psychological 1,500-point level on Monday.

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At 9.10am, the FBM KLCI had fallen 3.14 points to 1,498.93 from Monday’s close at 1,502.07.

The benchmark index opened 0.74 of a point weaker at 1,501.33.

On the broader market, losers surpassed gainers 203 to 130, while 231 counters were unchanged, 1,679 untraded, and 18 others suspended.

Turnover stood at 241.64 million units worth RM71.89 million.

Malacca Securities Sdn Bhd said while profit-taking activities may occur on Tuesday, following recent gains, the firm continues to expect a relatively positive market undertone moving forward, as investors could shrug off concerns over aggressive interest rate hikes in the US.

“As for commodities, crude oil prices tumbled, trading around the US$100 (about RM445.55) per barrel mark amid renewed demand concerns, while crude palm oil prices declined, but were still hovering above RM4,000 per tonne,” it said in a note.

The brokerage said as investors begin to shift their focus towards the earnings season, companies with solid performance might come under the limelight.

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Investors may be on the lookout for stocks in sectors such as technology, on the back of a stronger greenback and guidance from US tech giants, while the banking and consumer sectors could be set for a decent earnings recovery amid pent-up demand during the second quarter.

“Besides, the plantation sector could benefit from the recent price hike,” it added.

Among the heavyweights, both Malayan Banking Bhd (Maybank) and IHH Healthcare Bhd were flat at RM8.87 and RM6.50 respectively, Public Bank Bhd rose one sen to RM4.65, Petronas Chemicals Group Bhd lost eight sen to RM8.87, and CIMB Group Holdings Bhd slid one sen to RM5.24.

Of the actives, CSH Alliance Bhd and Dagang NeXchange Bhd (DNeX) were half a sen lower at seven sen and 82 sen respectively, while Borneo Oil Bhd, PUC Bhd and MAG Holdings Bhd were flat at 2.5 sen, 4.5 sen and 18 sen respectively.

On the index board, the FBM Emas Shariah Index slipped 38.13 points to 10,794.96, the FBM ACE was down by 32.10 points to 4,876.64, the FBMT 100 Index declined 23.79 points to 10,388.78, the FBM Emas Index decreased 23.89 points to 10,644.32, and the FBM 70 slipped 37.26 points to 12,760.06.

Sector-wise, the Plantation Index weakened 8.97 points to 7,110.21, the Industrial Products and Services Index contracted 0.91 of a point to 185.12, and the Energy Index reduced 7.30 points to 668.71, while the Financial Services Index edged up 0.28 of a point to 16,664.10.-BERNAMA


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