January 11, 2022

Downstream Exchanges, Profit -Taking Activity Continues

 At 9.22am the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was down 0.98 points at 1,549.28 from Monday's close of 1,550.17.

The index opened 1.16 points at 1,549.01.

It opened lower on moderate profit -taking activity on selected heavyweights.

On the broader market, investors saw losers outnumber gainers by 289 to 175, while 336 counters were unchanged, 1,467 untraded and 15 suspended.

Total turnover at 625.64 million units worth RM207.97 million.

A note issued by Malacca Securities Sdn Bhd stated tracking performance on the Wall Street market, it is expected to have a sharp sell -off on Tuesday as the market puts prices at risk due to rising interest rates in the United States (US).

In addition, the firm is optimistic that bargaining activity will re -emerge to support heavyweights while market players will continue to scrutinize US inflation rate data on Wednesday.

Heavyweights saw Malayan Banking Bhd (Maybank) and CIMB Group Holdings Bhd decline 1 sen at RM8.33 and RM5.66, IHH Healthcare Bhd fell 3 sen at RM6.65, Public Bank Bhd remained at RM4.18 and Petronas Chemicals Group Bhd (Petchem) rose 2 sen to 27.5 sen.

Active stocks saw MMAG Holdings Bhd and Key Alliance Group Bhd lose 0.5 sen at 9.5 sen and 1 sen, Techna-X Bhd declined 1 sen at 8.5 sen and AHB Holdings gained 2 sen at 27.5 sen.

On the index board, the FBM Emas index fell 14.10 points at 11,216.59, FBM Emas Shariah fell 29.43 points at 11,997.21, FBM 70 bud 49.18 points at 14,173.18, FBMT 100 index declined 11.41 points at 10,909.72 and FBM ACE bud 35.74 points at 6,718.15.