(Updated)

Bursa opens higher but retreats thereafter

Bursa opens higher but retreats thereafter
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KUALA LUMPUR (July 26): Bursa Malaysia opened marginally higher but retreated thereafter, tracking the performance of regional peers.

This was despite Wall Street closing at a new high last Friday, lifted by strong corporate earnings and continued central bank support for the financial market.

At 9.10am, the benchmark FBM KLCI had fallen 4.35 points to 1,519.09 from last Friday’s close at 1,523.44.  

The index opened 1.03 points higher at 1,524.47.  

On the broader market, gainers led losers at 272 versus 185, while 327 counters were unchanged, 1,453 untraded and 21 others suspended.

Turnover stood at 458.67 million units worth RM229.01 million.

In a research note today, Malacca Securities Sdn Bhd said the KLCI finished the week on a negative note, in line with mixed regional performances due to the resurgence of Covid-19 infections globally.

While the local bourse was trading in consolidation mode with an upward bias last week, investors may remain cautious about the five-day special Parliamentary sittings from today to Aug 2, it said.

Nevertheless, the brokerage firm said it expects investors to shift their attention from the daily Covid-19 infection rate to the current ongoing vaccination rate, which remains above 400,000 doses per day, believing that this should help to stabilise market sentiment and enhance focus on recovery-themed stocks.

Meanwhile, it noted that both crude palm oil (CPO) and Brent oil prices surged last week.

“As for the sectors in focus, positive developments on the Nasdaq may continue to shine light on local technology stocks.

“Additionally, plantation counters may extend their gains in line with the surge in CPO prices amid concerns over weaker output, while recovery-themed stocks may also expect buying interest going forward,” it said.

Of the heavyweights, Petronas Chemicals Group Bhd (PetChem) fell two sen to RM8.03 and IHH Healthcare Bhd shed five sen to RM5.76.

Malayan Banking Bhd (Maybank), Public Bank Bhd and Tenaga Nasional Bhd (TNB) were flat at RM8.03, RM4.02 and RM9.73 respectively.

Among the actives, SMTrack Bhd added 3.5 sen to 11.5 sen, MAG Holdings Bhd gained one sen to 20.5 sen, PUC Bhd bagged two sen to 17.5 sen and LYC Healthcare Bhd rose three sen to 34.5 sen, while XOX Bhd warrant was flat at one sen.

On the index board, the FBM Emas Index decreased 15.12 points to 11,163.01, the FBM ACE advanced 59.06 points to 7,482.29 and the FBM 70 perked 28.92 points to 14,750.23.47.

The FBM Emas Shariah Index was 18.26 points lower at 12,306.90 and the FBMT 100 Index went down 17.50 points to 10,855.12.   

Sector-wise, the Financial Services Index slipped 26.03 points to 14,818.90 and the Plantation Index declined 25.38 points to 6,218.16, while the Industrial Products and Services Index edged up 0.04 of a point to 189.91.