Bursa Malaysia declined from a level of 1,600 points at the start of trading today as investors made a profit after registering a 2.5% increase yesterday.
At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 7.96 points to 1,594.30, dragged down mainly by the decline in the energy and plantation sectors.
The index opened 2.23 points higher at 1,604.49 from 1,602.26 when it closed yesterday.
Bernama reported that in the broader market, gainers outnumbered losers by 332 to 235 while 365 counters were unchanged, 1,177 counters untraded and 16 others suspended.
Turnover stood at 604.56 million units worth RM303.51 million.
According to Malacca Securities, India's move to reduce crude palm oil (CPO) import duties is a good sign for the plantation sector as prices remain strong above RM3,300 a tonne.
"Meanwhile, we continue to choose the construction sector as the main beneficiary of the 2021 Budget as construction activities shift to a more active implementation stage," he said in a research note.
Overall, the FBM KLCI recorded a rapid recovery as the key index regained its uptrend to reach a psychological level of 1,600 points yesterday.
According to him, investors will continue to focus on the progress of economic recovery.
"We are confident that low-priced stocks will continue to enjoy their upward momentum as liquidity remains good in the equity market with investors taking advantage of positive market sentiment," he said.
Abroad, US (US) shares rose with the Dow Jones Industrial Average up 0.6%, while the S&P 500 (+ 1.1%) and Nasdaq (+ 1.3%) recorded new bullish performance, driven by expected economic recovery following Pfizer and BioNTech applications. to obtain regulatory approval for their Covid-19 vaccine in the European Union.
Among heavyweights, Top Glove declined 13 sen to RM6.66, Tenaga Nasional declined 18 sen to RM10.68, Petronas Gas declined 30 sen to RM17.50, Hartalega declined 16 sen to RM14.30 and Sime Darby Plantation contracted six. sen to RM5.02.
On the other hand, Maybank rose three sen to RM8.22 and RHB added four sen to RM5.34.
Among active stocks, BioAlpha was flat at 35.5 sen, AT Systematization was down one sen to 20 sen and Bumi Armada was flat at 32 sen.
On the index board, the FBM Emas Index fell 32.74 points to 11,536.89, the FBMT 100 Index declined 36.25 points to 11,296.53 and the FBM Emas Syariah Index fell 61.44 points to 13,310.69.
FBM 70 rose 30.61 points to 14,979.15 and FBM ACE declined 58.48 points to 10,713.43.
Meanwhile, the Industrial Products and Services Index decreased 0.29 points to 166.83, the Plantation Index declined 12.05 points to 7,338.23 and the Financial Services Index rose 36.41 points to 14,244.69.
