KUALA LUMPUR – Bursa Malaysia opened lower on market consolidation, as investors digested the recent gains after seeing the key index rallied about 40 points over the past week.
At 9.05am, the market benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 12.10 points, or 0.79%, to 1,518.25 from last Friday’s close of 1,530.35.
The market barometer opened 4.43 points lower at 1,525.92.
However, market breadth was positive with gainers leading losers 215 to 186, while 298 counters were unchanged, 1,438 untraded and 32 others suspended.
Total volume stood at 347.82 million units worth RM113.54 million.
The fall in the heavyweights was led by IHH, declining 19 sen to RM4.87, followed by Tenaga, losing 18 sen to RM10.22, Petronas Chemicals, slipping 11 sen to RM5.91, Petronas Dagangan, erasing 76 sen to RM18.60, and Sime Darby Plantation, declining 10 sen to RM5.06.
Commenting on the local bourse's performance, Malacca Securities Sdn Bhd said the recent aggressive move might also have been toned down in anticipation of political instability in the coming days.
"On a brighter note, the positive market breadth, coupled with the strong trading volumes in recent days, suggests that investors’ appetite remain within the equity market in search for higher yields," it said.
Technically, the brokerage firm said after two days of rally over the past week, the key index is inching towards the immediate resistance at 1,540, followed by 1,555.
"On the flipside, the immediate support remained pegged at 1,490 followed by 1,480," it said.
Of the actives, Advance Synergy trimmed two sen to 24.5 sen, Malayan United Industries edged down one sen to 13 sen, Parkson and XOX gained half-a-sen each to 16.5 sen and 12.5 sen, respectively, while Sapura Energy was unchanged at 10.5 sen.
Top gainers were led by the plantation and pharmaceutical counters, including Genting Plantations which rose 16 sen to RM9.97, United Plantations which added 12 sen to RM14.80, Pharmaniaga which bagged 15 sen to RM4.84 and Duopharma which advanced seven sen to RM3.52.
Permata Digital was 9.5 sen better at 49 sen.
On the index board, the FBM Emas Index declined 36.31 points to 10,984.61, the FBMT 100 Index shrank 63.60 points to 10,777.20 and the FBM Emas Shariah Index shed 27.26 points to 13,103.47.
The FBM 70 improved 1.99 points to 14,366.63 and the FBM ACE climbed 33.30 point to 10,590.45.
Sector-wise, the Financial Services Index lost 70.47 points to 12,593.91, the Plantation Index dwindled 32.74 points to 7,042.48, and the Industrial Products and Services Index edged down 0.67 of-a-point to 141.30. – Bernama, October 12, 2020
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