Bursa Malaysia opened higher for a while this morning before declining after early gains were blocked by profit-taking activities involving plantation and technology counters amid mixed performance in regional markets.
At 9.30am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index declined 5.49 points to 1,603.01 from 1,608.50 at the close on Wednesday.
Bernama reported that the key index, however, opened 6.71 points higher at 1,615.21.
Price movements across the market were negative with losers outpacing gainers 344 to 315 while 398 counters were unchanged, 1,134 untraded and 51 others suspended.
Turnover was 1.26 billion shares worth RM704.64 million.
According to Malacca Securities, rubber glove heavyweights are projected to recover in the near term given the increase in Covid-19 infections worldwide.
"We think steel or metal-related stocks will continue to attract investors in the near future amid the surge in demand for steel around the world. In addition, we are confident there is still room for improvement for plastic counters and packaging ahead of the announcement of its latest quarterly financial results.
"Market participants may also be eyeing oil and gas stocks in a situation where crude oil prices are getting stronger. On commodities, the price of crude palm oil (CPO) has declined after rising sharply recently while oil prices rose above US $ 68 per barrel, ”he said.
Among heavyweights, Maybank, Public Bank and TNB declined 1.0 sen each to RM8.24, RM4.16 and RM9.99 respectively, while Petronas Chemicals rose 16 sen to RM8.27 and IHH Healthcare rose 1.0 sen to RM5. 40.
For actives, Vortex Consolidated gained half -a -sen to 14.5 sen, Hiap Teck rose 3.0 sen to 59.5 sen while SC Estate declined half -a -sen to 11.5 sen and Focus Dynamics was flat at 13 sen.
Kuala Lumpur Kepong and Malaysia Pacic were among the biggest losers in the early session today, declining 64 sen and 36 sen respectively to RM22.16 and RM39.30.
On the index board, the FBM Emas Index declined 25.31 points to 11,815.50, FBMT 100 fell 29.20 points to 11,469.83, FBM 70 fell 0.90 points to 15,641.30, FBM Emas Syariah fell 16.17 points to 13,289.25 but FBM ACE rose 0.75 points one point at 8,865.75.
By sector, the Plantation Index declined 66.65 points to 6,849.27, the Financial Services Index fell 63.96 points to 14,902.52 but the Industrial Products and Services Index rose 1.45 points to 200.17.
