Trading on Bursa Malaysia opened lower this morning with the key index declining despite overall positive market sentiment following the emergence of profit -taking activity ahead of the weekend.
At 9.04am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index fell 3.89 points to 1,604.36 from 1,608.25 at the close of trading yesterday afternoon.
Bernama reported that the key index opened 0.81 points weaker at 1,607.44.
Rubber glove counters mostly declined this morning as investors took advantage of profits following yesterday's strong gains, with Top Glove down six sen to RM5.38,
Hartalega fell 11 sen to RM9.89 and Supermax declined 10 sen to RM5.00.
On the broader market, however, gainers outpaced losers by 231 to 158, while 1,470 counters were unchanged, 320 untraded and 27 others suspended.
Turnover was 827.88 million shares worth RM423.2 million.
According to Malacca Securities Sdn Bhd, although the key index may rise higher in line with Wall Street's overnight gains, concerns about a possible fourth wave hitting the country will continue to weigh on investor sentiment with daily confirmed cases hitting 2,000 yesterday.
The FBM KLCI, however, ended higher yesterday, driven by buying interest at the glove counter as the global Covid-19 case continued to soar.
“We expect follow-up buying interest at glove counters given the increase in Covid-19 cases confirmed every day in the country and around the world.
"In addition, positive sentiment on the Nasdaq which is above the 14,000 level may spill over into local market technology stocks," he said.
Wall Street closed stronger in trading yesterday with the S&P 500 hitting all -time highs and the Dow Jones Industrial Average beating the 34,000 level for the first time, boosted by strong financial results and economic data.
On the local market, heavyweights, Maybank declined one sen to RM8.29, Public Bank declined two sen to RM4.21, Petronas Chemicals fell five sen to RM7.86 while Tenaga and Petronas Chemicals were flat at RM10 each. 12 and RM5. 35.
As for active counters, Lambo was flat at two sen, Jadi and G3 fell one sen each to 11 sen and 20.5 sen respectively and WZ Satu rose four sen to 20 sen.
On the index board, the FBM Emas Index fell 10.57 points to 11,841.26, the FBM Emas Syariah declined 6.2 points to 13,245.25, the FBMT 100 declined 14.1 points to 11,494.75 and the FBM ACE fell 30.14 points to 8,833.16.
However, FBM 70 gained 33.81 points to 15,734.2.
By sector, the Plantation Index fell 5.39 points to 6,924.98, the Financial Services Index declined 18.77 points to 15,091.31 while the Industrial Products and Services Index added 0.01 points to 196.42.
