Bursa Malaysia ended three consecutive days of gains with a lower opening today, following profit-taking activity in an environment of mixed sentiment.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) declined 12.92 points, or 0.81 per cent to 1,580.98 from 1,593.90 at the close yesterday.
Bernama reported that the index opened 8.73 points lower at 1,585.17.
Market breadth was positive with gainers outpacing losers by 227 to 211, while 227 counters were unchanged, 1,523 untraded and 73 others suspended.
Turnover stood at 411.40 million units worth RM160.35 million.
Despite opening lower, Malacca Securities Sdn Bhd is confident that market sentiment can be positive as the recovery theme is gaining attention following the announcement of increased earnings by selected companies this reporting season.
"In addition, the ongoing Covid-19 vaccination program will support future economic recovery and investors will need to shift from pandemic beneficiaries to reopening economic activities," he said in a research note.
Technically, the brokerage firm said if the FBM KLCI trades above 1,590, it will recover to the next resistance level at 1,600, while the support level is expected at 1,555-1,565.
Meanwhile, Rakuten Trade Sdn Bhd said the FBM KLCI once again recorded last -minute buying over the past two days.
"The index is expected to be in the range of 1,590-1,600 today," he said in a separate note.
Among heavyweights, Maxis declined 12 sen to RM4.67, Public Bank declined five sen to RM4.22, Axiata declined six sen to RM3.62, Petronas Dagangan declined 70 sen to RM18.78 and Hong Leong Financial declined 44 sen to RM17.80.
Petronas Dagangan and Hong Leong Financial were among the biggest losers overall.
Other losers included MPI which declined 50 sen to RM37.30, Mega First declined 33 sen to RM7.27 and KESM declined 30 sen to RM11.68.
Of the active stocks, Kanger International and Sanichi warrants, rose 1.5 sen to 11.5 sen and two sen, respectively, Dagang NeXchange added one sen to 81 sen, while its warrants declined half-a-sen to 28.5 sen and Tanco was flat at 15 sen.
On the index board, the FBM Emas Index declined 61.27 points to 11,537.26 and the FBMT 100 Index declined 71.71 points to 11,218.03.
The FBM Emas Shariah Index decreased 38.24 points to 12,853.59, FBM 70 declined 17.77 points to 14,935.13 while FBM ACE rose 6.86 points to
7,944.33.
By sector, the Financial Services Index declined 189.44 points to 14,943.06, the Plantation Index declined 47.34 points to 6,917.29 and the Industrial Products and Services Index declined 0.37 points to 194.02
