Bursa opens lower on profit-taking amid cautious sentiment

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KUALA LUMPUR (May 31): Bursa Malaysia extended Monday’s profit-taking to open lower on Tuesday (May 31) in most indices led by financial services and plantation as market sentiment remained cautious amid China’s move to ease key cities’ Covid-19 restrictions.


At 9.15am, the FBM KLCI had decreased 4.97 points to 1,538.05 from Monday’s close at 1,543.02.

The benchmark index opened 1.33 of a point higher at 1,544.35.

On the broader market, losers led gainers 208 to 184, while 235 counters were unchanged, 1,652 untraded and 42 others suspended.

Turnover stood at 210.74 million units worth RM117.82 million.

Rakuten Trade Sdn Bhd said that for Tuesday, a lack of buying catalysts should see the index hovering within a narrow range of between 1,540 and 1,550.

Meanwhile, it said the ringgit experienced an upswing against the US dollar to fetch 4.36 from a high of 4.40 on May 18 as crude oil prices continued to climb.


“Brent crude edged above the US$120 (about RM525.22) per barrel mark as demand was seen to improve on the reopening of large cities in China, coupled with the European Union’s failure to reach an agreement on the Russian oil ban,” the firm said in a note on Tuesday.

Among the heavyweights, both Malayan Banking Bhd (Maybank) and Petronas Chemicals Group Bhd lost two sen to RM8.96 and RM9.98 respectively, Public Bank Bhd fell one sen to RM4.58 and Tenaga Nasional Bhd (TNB) slid six sen to RM9.19, while IHH Healthcare Bhd was flat at RM6.55.

Of the actives, both Dagang NeXchange Bhd (DNeX) and Green Packet Bhd were flat at 99 sen and eight sen respectively, Serba Dinamik Holdings Bhd decreased one sen to 10 sen and Sapura Energy Bhd shed half a sen to eight sen, while Priceworth International Bhd added 1.5 sen to 15.5 sen.

On the index board, the FBM ACE dropped 23.72 points to 5,172.45, the FBM Emas Shariah Index went down 27.59 points to 11,357.68, the FBM Emas Index declined 22.86 points to 10,968.31 and the FBMT 100 Index slipped 22.65 points to 10,668.05, while the FBM 70 put on 20.11 points to 13,134.21.

Sector-wise, the Industrial Products and Services Index was 0.82 of a point weaker at 198.93, the Plantation Index dipped 54.17 points to 7,888.60, and the Financial Services Index weakened 32.50 points to 16,569.10.-BERNAMA