Trading on Bursa Malaysia opened lower on the morning of trading today with the key index remaining in a weak zone due to the lackluster risk appetite in the market.
At 9.06am, the key benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index declined 1.72 points to 1,606.7 from yesterday's close of 1,608.42.
Bernama reported that the key index opened 0.29 points higher at 1,608.71.
On the broader market, losers were relatively higher than gainers with 204 to 195 while 1,266 counters were unchanged, 493 untraded and 11 others suspended.
Turnover was 789.59 million shares worth RM292.27 million.
According to Malacca Securities Sdn Bhd, in a situation of lack of new catalysts, the local bourse may experience further decline but the weakness can be offset by technical recovery.
The firm added that the unstable number of Covid-19 cases on a daily basis resulting in the Conditional Movement Control Order (PKPB) and Rehabilitation Movement Control Order (PKPP) being extended in some states could also affect the smooth running of the economic recovery.
“We believe selected sectors related to recovery themes such as construction, real estate and consumers are still moving up despite the unstable number of Covid-19 cases on a daily basis.
"In addition, packaging -related stocks may be an option due to the extension of PKPB and PKPP," the research firm added in a note.
Among heavyweights, Public Bank and IHH Healthcare lost one sen each to RM4.20 and RM5.37 respectively, Petronas Chemicals declined 12 sen to RM7.86 and Tenaga was four sen lower at RM10.20.
Top Glove added one sen to RM5.26 while Maybank was flat at RM8.32.
As for active counters, Luster Industries declined 24 sen to half -a -sen, CNI rose 20.5 sen to one sen, Seacera was flat at 23.5 sen while Permaju declined 18 sen to one sen.
On the index board, the FBM Emas Index fell 11.37 points to 11,876.97, the FBM Emas Syariah fell 14.35 points to 13,246.91, the FBMT 100 contracted 9.61 points to 11,527.48, the FBM 70 declined 2.68 points to 15,840.35 while the FBM ACE was 25.24 points lower at 9,728.75.
By sector, the Industrial Products and Services Index declined 0.84 points to 194.74, the Plantation Index fell 0.11 points to 6,959.91 and the Financial Services Index was lower 5.01 points to 15,197.63.
