Bursa Malaysia Opened Low, Profit Taking Activity Continued


Bursa Malaysia opened lower on Tuesday due to profit-taking activity following its positive performance yesterday tracking mixed impetus by Wall Street.

At exactly 9.05am, the FTSE Bursa Malaysia (FBM KLCI) fell 1.43 points to 1,626.07 compared to yesterday's close of 1,627.50.

The barometer index opened 0.88 points stronger at 1,628.38.

Meanwhile, broad market sentiment was negative where losers outnumbered gainers at 219 counters to 189. Meanwhile, 349 counters were unchanged, 1,632 were not traded and nine others were suspended.

The total turnover was 293.83 million units worth RM158.41 million.

Vice President of Rakuten Trade Sdn Bhd Equity Research, Thong Pak Leng said sentiment was mixed on Wall Street as the Dow Jones Industrial Average (DJIA) declined following the recent record breaking.

However, sentiment remains upbeat following good economic growth amid the prospect of lower interest rates.

The DJIA fell 197 points and the Nasdaq rose 109 points to a record high driven by a surge in Nvidia shares.

In the local market, Thong believes the buying momentum may continue today as most high-end stocks remain in demand. The market expects it to be in a trend between 1,620 to 1,635 today.

Among the heavyweights, Maybank and CIMB dropped three sen to RM9.96 and RM6.81 respectively, Public Bank dropped one sen to RM4.18. Meanwhile, Tenaga Nasional added two sen to RM12.80, and Petronas Chemicals was unchanged at RM7. 09.

As for active shares, Feytech gained 34 sen to RM1.14, Orgabio rose nine sen to 41.5 sen, Ingenieur Gudang and Sapura Energy were unchanged at eight sen and 4.5 sen respectively, and Panda Eco dropped two sen to 35.5 sen.

On the index board, the FBM Emas Index fell 7.92 points to 12,390.62, the FBMT 100 Index fell 8.37 points to 11,981.72, the FBM 70 Index fell 3.54 points to 17,777.98 and the FBM ACE Index fell 5.514 points to 3.516.

Meanwhile, the FBM Emas Shariah Index rose 1.13 points to 12,643.53.

In terms of sectors, the Financial Services Index fell 48.17 points to 17,678.94, the Plantation Index fell 7.55 points to 7,393.15 and the Energy Index fell 2.36 points to 995.82.

However, the Industrial Products and Services Index strengthened by 0.02 points to 197.81.