KUALA LUMPUR (Oct 21): Bursa Malaysia opened higher on Thursday (Oct 21) but retreated thereafter as profit taking emerged for selected heavyweights following recent gains, dealers said.
At 9.08am, the benchmark index was 2.35 points lower at 1,603.97 from Wednesday's close at 1,606.32.
The bellwether index opened 2.11 points firmer at 1,608.43.
Market breadth was slightly negative with losers edging past gainers 199 to 189, while 318 counters were unchanged, 1,586 untraded and 18 others suspended.
Turnover stood at 227.54 million units worth RM148.91 million.
In its Market Pulse note on Thursday, Malacca Securities Sdn Bhd expected the FBM KLCI to be bullish for Thursday and the days leading up to the tabling of Budget 2022 next week.
“We also expect some recovery in theme stocks with the resumption of business activities in various segments following the ongoing vaccination programme.
“Meanwhile, crude palm oil (CPO) and crude oil prices extended their rallies, with the former surging above RM5,000 and the latter trading above the US$85 (about RM353.29) per barrel mark,” it said.
It added that consumer, construction and renewable energy would be some of the sectors in focus on Thursday.
“Energy and plantation counters should be lifted by the firmer crude oil and CPO prices, and technology stocks may return to the limelight after recent consolidation and the positive overnight Wall Street performance,” the brokerage firm said.
Technically, it said resistance is located at 1,620, while support is pegged at 1,580.
Among the heavyweights, Malayan Banking Bhd (Maybank) was down three sen to RM8.28, Public Bank Bhd eased one sen to RM4.26, Petronas Chemicals Group Bhd (PetChem) rose four sen to RM8.84, Tenaga Nasional Bhd (TNB) gained six sen to RM9.82 and IHH Healthcare Bhd was flat at RM6.60.
As for the actives, CSH Alliance Bhd added one sen to 13.5 sen, Supermax Corp Bhd dropped 19 sen to RM2.06 and Bumi Armada Bhd was flat at 53 sen.
On the index board, the FBM Emas Index went down 11.75 points to 11,805.77, the FBMT 100 Index shed 16.01 points to 11,441.10, the FBM Emas Shariah Index reduced 5.30 points to 12,868.68, the FBM 70 declined 18.83 points to 15,466.65 and the FBM ACE slid 26.77 points to 7,258.35.
Sector-wise, the Financial Services Index contracted 36.22 points to 15,901.54, while the Industrial Products and Services Index inched up 0.08 of a point to 212.53, and the Plantation Index climbed 17.68 points to 7,045.15.