January 10, 2022

Stock Opened Higher Before Falling Again

 At 9.22am the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was down 1.99 points at 1,541.12 from Friday's close of 1,543.11.

The index opened 0.27 points at 1,543.38.

It opened higher but collapsed later due to moderate profit -taking activity on selected heavyweights.

On the broader market, investors saw losers outnumber gainers by 239 to 227, while 325 counters were unchanged, 1,482 untraded and 21 suspended.

Total turnover at 624.36 million units worth RM196.5 million.

A note issued by Malacca Securities Sdn Bhd expressed the expectation of cautious sentiment by investors towards the technology sector following the Nasdaq decline.

Moreover, as of the first week of 2022 the KLCI has recorded gains driven by plantation heavyweights.

The price of crude palm oil is at RM4,990 per kg and the price of Brent oil is at US $ 81 or RM340.47 per barrel.

Heavyweights saw Malayan Banking (Maybank) down 2 sen at RM8.30, Public Bank Bhd down 1 sen at RM4.15 and IHH Healthcare down 3 sen at RM6.71, Petronas Chemicals Group Bhd (Petchem) was flat at RM8.79 while CIMB Group Holdings Bhd rose 1 sen to RM5.47.

Active stocks saw MQ Technologi Bhd advance 2.5 sen at 13 sen, AHB Holdings Bhd added 3 sen at 23 sen while Techna-X Bhd and SMTrack Bhd rose 1 sen at 10 sen and 30.5 sen.

On the index board, the FBM Emas index was down 11.01 points at 11,206.41, the FBM Emas Shariah was down 15.58 points at 12,043.90, the FBM 70 bud 3.50 points at 14,323.91 and the FBMT 100 index was down 11.41 points at 10,892.26.

While FBM ACE advanced 49.23 points at 6,741.26.

The Products and Services Industry Index added 0.04 points at 202.31, the Financial Services index drove 4.13 points at 15,711.55 and the Plantation index declined 29.31 points at 6,689.52.